Federal Reserve Transparency Act | Council For Citizens Against Government Waste

Federal Reserve Transparency Act

July 24, 2012

U.S. House of Representatives
Washington, D.C. 20515

Dear Representative,

You will soon vote on H.R. 459, the Federal Reserve Transparency Act, introduced by Rep. Ron Paul (R-Texas). On behalf of the more than one million members and supporters of the Council for Citizens Against Government Waste (CCAGW), I urge you to support this legislation.

The Federal Reserve audit that was authorized by the 2010 Dodd-Frank Act revealed several serious conflicts of interest. For example, at the peak of the financial crisis, the Federal Reserve Bank of Atlanta made several major loans to SunTrust Banks, totaling at least $7.5 billion. The chairman and CEO of SunTrust sits on the board of directors at the same Atlanta Federal Reserve Bank that lent SunTrust the money.

H.R. 459 would require the Comptroller General to perform a full audit of the Federal Reserve Board of Governors and the Federal Reserve banks by the end of 2012. This audit would significantly enhance the transparency of the nation’s central bank.

The Dodd-Frank audit provided more information about the Federal Reserve, but it did not go far enough. I urge you to support the Federal Reserve Transparency Act in order to obtain a more complete accounting of the manner in which the nation’s monetary policy is conducted. All votes on H.R. 459 will be among those considered in CCAGW’s 2012 Congressional Ratings.

Sincerely,

Tom Schatz
President, CCAGW

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