PRESS RELEASE: Massie Legislation to "Audit the Fed" Moves Forward in the House
May 14, 2016
WASHINGTON, D.C. – The House Oversight and Government Reform Committee (OGR), chaired by Congressman Jason Chaffetz (R-UT), has announced it will consider Congressman Thomas Massie’s H.R. 24, the Federal Reserve Transparency Act of 2015, also known as “Audit the Fed,” in a markup session on Tuesday, May 17, 2016. A committee markup, where committee members offer amendments and debate whether legislation is ready for consideration by the full House, is the important step between introducing a bill and voting on it on the floor of the House.
“This is a major step toward bringing this bill to the House floor. This bill could make it easier for Members of Congress to monitor the Federal Reserve,” said Congressman Massie, who is a member of the OGR Committee.
"The Federal Reserve's loose monetary policy does nothing more than enrich Wall Street at the expense of the poor and middle class,” said former Congressman Ron Paul (R-TX), who has long championed this cause and originally introduced the bill in 2009. "Passing Audit the Fed will finally enable the American people to know what the Fed is doing to our economy and our money supply. OGR's markup next week of Audit the Fed is a huge first step in bringing Federal Reserve transparency. I'd like to thank Congressman Thomas Massie, Audit the Fed's lead sponsor, for his leadership on this important issue.”
The Federal Reserve Transparency Act of 2015 would require the Comptroller General to conduct a full examination of the Federal Reserve System. The Federal Reserve makes monetary decisions that affect the economy, and the elected officials who represent everyday Americans have limited insight into how the bank’s decisions are made.
"The American public deserves more insight into the practices of the Federal Reserve,” Massie said. “Behind closed doors, the Fed crafts monetary policy that influences our currency and economy.”
The Federal Reserve Transparency Act of 2015 currently has 197 co-sponsors from both sides of the aisle. Former Congressman Paul Broun (R-GA) introduced a similar bill in the 113th Congress that overwhelmingly passed the House of Representatives, 333-92.