SPRINGFIELD, Virginia- Campaign for Liberty strongly opposes the GAO audit provision in H.R. 5018 The Federal Reserve Accountability and Transparency Act, legislation that would bring neither accountability nor full transparency to the Federal Reserve. The bill, introduced by Representative Scott Garrett (R-NJ) and Representative Bill Huizenga (R-MI) does not require a full GAO audit of the Federal Reserve. Instead this bill establishes a convoluted process that guarantees the Federal Reserve will avoid an audit while allowing Members of Congress to claim they voted to audit the Fed.
“Aside from failing to bring either accountability or full transparency to the Federal Reserve, this legislation undermines the efforts of organizations like Campaign for Liberty who are actually trying to pass meaningful legislation supported by nearly 75 percent of Americans,” said Campaign for Liberty President John Tate.
“H.R. 5018’s audit provision is nothing more than a sham that seeks to capitalize on the efforts of hundreds of thousands of grassroots activists nationwide working to bring real transparency to the Federal Reserve.
“If Representative Garrett and Representative Huizenga actually wanted to bring transparency to the Federal Reserve, they would urge Chairman Hensarling to bring H.R. 24 before the House Financial Services Committee for a full markup and send it to the House floor for a swift vote."
Tags: Audit the Fed