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    Bradley introduces the Federal Reserve Transparency Act

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    Nubbie

    Today I have introduced legislation to the House which will remove the restraints on how the nonpartisan, independent Government Accountability Office (GAO) can audit the Federal Reserve System, requiring the GAO to conduct an audit within one year of the bill’s passage and report back to Congress within 90 days of finishing it. Why is this important? For the first time since the creation of the Federal Reserve System in 1913, we would be able to see the Fed's agreements with foreign governments and central banks, its discount window and open market operations, its member bank reserves, and its Federal Open Market Committee (FOMC) directives. The American people have the right to know, and I fully intend on ensuring that they do. What is happening now is that incredible power that directly impacts and shapes the costs millions of Americans will pay now and for years to come, is in the hands of the very few at the Federal Reserve. Millions of Americans, myself included, wonder how much of this great nation’s prosperity and opportunity will be swallowed up by debt or lost in financial crises fueled by artificial market signals and central planners’ economic tinkering. No more I say, lets get to the bottom of this, and give the American people the knowledge they need to hold the Federal Reserve accountable.

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