Federal Reserve Transparency Act of 2011

The two things the founders worried about most and warned us of, was a large central bank and a standing army, feeling that either represented a great threat to keeping our liberty.  We have both, and neither the Fed, nor the Pentagon have ever been audited!

The Federal Reserve Transparency Act of 2011, H.R. 459, was introduced by Congressman Ron Paul. You can see the full text of the bill and follow it’s progress here at Thomas.

SUMMARY AS OF:
1/26/2011–Introduced.

2/8/2011 Referred to House subcommittee. Status: Referred to the Subcommittee on Government Organization, Efficiency, and Financial Management .

Co-Sponsors (274= 229 Repub. and 75 Dems)

Federal Reserve Transparency Act of 2011 – Directs the Comptroller General to complete, before the end of 2012, an audit of the Board of Governors of the Federal Reserve System and of the federal reserve banks, followed by a detailed report to Congress.

Repeals specified limitations on such an audit.

7/26/2012–The bill resoundingly passed the House 329 to 98. Rand Paul has introduced a similar bill in the Senate.

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