House Considers First Full Audit of Federal Reserve
July 24, 2012
U.S. Representative Cynthia Lummis (R-Wyo) spoke on the House floor Tuesday in support of H.R. 459, the Federal Reserve Transparency Act. The bipartisan bill aims to carry out a full audit of the Federal Reserve, the nation's central banking system. Central to H.R. 459 is the removal of previous restrictions placed on the Government Accounting Office (GAO) regarding audits of the Federal Reserve. Should the legislation earn both House and Senate approval, it will mark the first full accounting of the agency to date.