LaMalfa-cosponsored Bill Requiring Audit of Federal Reserve Passes on House Floor

Washington, DC – Representative Doug LaMalfa (R-CA) today voted for a measure he cosponsored to bring transparency to the Federal Reserve's monetary policy decisions. H.R. 24, the Federal Reserve Transparency Act, directs the Government Accountability Office (GAO) – Congress's investigative arm – to complete an audit of the Federal Reserve system with one year and submit a report of the its findings and conclusions to Congress. The measure would also eliminate the current audit restrictions placed on the GAO.

"We must bring transparency, accountability, and responsibility to the management of this nation's finances," said LaMalfa. "It's unfortunate that we even need to require an audit – the Federal Reserve was established by Congress, yet it has avoided opening its books to the American people for its entire existence."

H.R. 24 is not the first time the House has overwhelmingly supported an audit of the Federal Reserve. The House passed similar legislation in July of 2012.

"In light of recent economic crises, it is more crucial than ever that the Federal Reserve's monetary policy decisions be open and transparent," LaMalfa added. "The American people have a right to know what the Federal Reserve is doing with our nation's money supply, and I believe the Senate should take action on this measure immediately."

Doug LaMalfa is a lifelong farmer representing California's First Congressional District, including Butte, Glenn, Lassen, Modoc, Nevada, Placer, Plumas, Shasta, Sierra, Siskiyou and Tehama Counties.

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