Audit the Fed Hits 300 Co-Sponsors

300 Members of The House Support Audit the Fed

October 02, 2009

WASHINGTON--(BUSINESS WIRE)--Today, the number of cosponsors in the U.S. House of Representatives for HR 1207, the Federal Reserve Transparency Act, climbed to 299. Including Congressman Ron Paul, the bill’s author, 300 members of the House of Representatives now support an audit of the Federal Reserve. S 604, the Senate companion bill, currently has 30 cosponsors.

HR 1207 would open up the Fed’s funding facilities, such as the Primary Dealer Credit Facility, Term Securities Lending Facility, and Term Asset-Backed Securities Lending Facility to Congressional oversight and an audit by the non-partisan Government Accountability Office. Additionally, audits would include discount window operations, open market operations, and agreements with foreign central banks, such as ongoing dollar swap operations with European central banks.

“Less than a year ago, an audit of the Federal Reserve wasn't on anyone's radar. Now the idea has the support of seventy five percent of the American people and a majority of Congress,” said Jesse Benton, Senior Vice President at the Campaign For Liberty, which has been leading the grassroots effort in support of the bill since its introduction. “The policies put forth by the Fed have played a major role in the economic trouble our nation faces, so an audit of its operations is the common sense thing to do.”

“When 300 members of the House support a bill, that indicates overwhelming support by the American People. HR 1207 should be brought to the House Floor for a prompt vote,” continued Benton.

Support for the bill, which has been gathering steadily since being introduced earlier this year by Congressman Ron Paul, has reached a fever pitch in recent weeks with widespread media coverage on the release of Paul’s highly anticipated book, End The Fed, and hearings on Fed transparency in the House Financial Services Committee held late last week.