WASHINGTON – House Republican Conference Chairman Jeb Hensarling (R-Texas) issued the following statement today regarding the passage of H.R. 459, the Federal Reserve Transparency Act, to permit and mandate a full audit of the United States Federal Reserve by the Government Accountability Office (GAO).
“I don’t think Congress should be setting monetary policy, but I do believe Congress and the American people we represent deserve transparency, especially in light of the blurring of monetary and fiscal policy we’ve witnessed in recent years. While I would like to see the Fed focused exclusively on monetary policy, today’s Fed sets price controls for business-to-business transactions and promulgates rules on credit cards, mortgages, and executive compensation, all while exposing taxpayers to their multi-trillion dollar balance sheet. In fact, the Fed’s balance sheet has more than tripled since the beginning of the 2008 financial crisis. The Federal Reserve Transparency Act provides the American people and their representatives in Congress with long overdue transparency with regard to all of the Fed’s operations. I applaud my colleague Representative Paul for his efforts to bring this issue to the forefront of the nation’s attention.”