WASHINGTON, D.C. ñ Today, as a co-sponsor, Congressman Ted Poe (TX-02) voted for H.R. 459, the Audit the Fed bill, which passed in the House with bipartisan support. This bill would allow government auditors to more intensely audit the Federal Reserveís monetary policy.
In the last few years, during the nationís economic crisis, the Fed lent an estimated $16 trillion. That number totals more than the size of our whole economy. Under current law, Congress is not authorized to access information about how the Federal Reserve manages its money supply. However, H.R. 459, will eliminate these restrictions and increase transparency. Every day, we hear stories about how Americans have been affected by the Fedís poor policy choices. It is the responsibility of Congress to closely review the Fedís actions.