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Federal Reserve Transparency Act Passed!
by Ezra Van Auken
Members of Congress gathered on Tuesday for a very popular bill within the liberty movement, pushed by Rep. Ron Paul. As debate started throughout the House, Rep. Issa led the charge for pro-auditors explaining, “HR 459, Federal Reserve Transparency Act directs the Government Accountability Office (GAO) a full audit of the Reserve System.”
However Rep. Stony Hoyer from Maryland rejected Issa’s claim, noting, “The GAO already is empowered to review the Fed’s financial statements.” Congressman from Utah, Jason Chaffetz made clear that transactions with foreign central banks and economic approval on foreign policy are not reviewed by the GAO, showing discrepancy with Rep. Hoyer’s statement; as well as making clear since 2008, the Fed’s balance sheet has tripled leaving many American citizens curious as to where money went.
Ron Paul’s audit the fed bill received bipartisan support and a strong 272 co-sponsors. This left Democrat, Dennis Kucinich demanding, “Audit the fed? You bet we Audit the Fed,” advocating to shine light over the private bank.
The next day, Congressmen recorded votes by electronic device for five minutes, resulting in the passage of HR 459, a complete audit of the Federal Reserve. The vote tallied 327 yays and 98 nays, while 7 didn’t attend.