Democratic Whip Steny Hoyer urges ALL Dems to vote NO on Audit the FedSubmitted by ewrp on Tue, 07/24/2012 - 14:22
Democratic Whip Steny Hoyer's letter to all Democrats:
Like all other major central banks around the world, the Federal Reserve is an independent central bank, and its monetary policy actions are not subject to approval by the Administration or Congress. While Congress has set out the policy goals the Federal Reserve is to pursue - maximum employment and price stability - the ability of the Federal Reserve to pursue monetary policy independent of political influence is critical to its ability to fulfill its dual mandate.
Moreover, Congress already conducts regular and robust oversight of the Federal Reserve and actually expanded GAO’s audit authority two years ago in the Dodd-Frank Wall Street Reform and Consumer Protection Act. It expanded the types of audits GAO may conduct of the Federal Reserve, as well as the data that must be disclosed to the public.
The Federal Reserve’s financial accounts have long been subject to audit both by the GAO and an outside, independent audit firm. This bill impedes the independence of this critical institution.
In order for the Federal Reserve to do its job effectively, it should not be subject to short-term political pressures. The experience during debate on the debt ceiling last summer should demonstrate to the American public that House Republicans cannot be allowed to hold our economy or our critical economic institutions hostage in order to further their extreme agenda.
Members are urged to VOTE NO.
If you have not called your Representative, please do so NOW. The vote will be tomorrow (Wednesday).
147 Democrats have not cosponsored HR 459.
Find your Rep's phone number here: