House passes 'Audit the Fed' resolution
U.S. Rep. Paul Broun, M.D. (GA-10) has released the following statement after H.R. 24, the Federal Reserve Transparency Act (Audit the Fed), passed in the U.S. House of Representatives with strong bipartisan support this week.
House Resolution 24 has over 220 cosponsors and passed overwhelmingly by a 333-92 margin.
“The passage of the Audit the Fed bill brings us one step closer toward bringing much-needed transparency to our nation’s monetary policy," Broun said.
"For the past 100 years, the Federal Reserve, a quasi-government agency, has acted under a veil of secrecy – controlling our monetary policy and thus, our economy. While in recent years, the Fed has been granted a greater role in overseeing the regulation of our financial system, current law specifically prohibits audits of the Federal Reserve’s deliberations, decisions, or actions on monetary policy. This lack of accountability and transparency has led to grievous consequences - and it must end.
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“I applaud my colleagues, Republicans and Democrats alike, for their support of this vital bill, and I commend my good friend and former colleague Dr. Ron Paul for his leadership on this important issue. I strongly encourage Senate Majority Leader Harry Reid to recall his past support for this legislation – which he stated as recently as 2010 – and to bring this bill before the Senate for a vote, so we may deliver the transparency and government accountability the American people need and deserve.”
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Rep. Paul C. Broun, Jr., M.D., was elected in July of 2007 to serve the Tenth District of Georgia. Since his arrival in Congress, he has been appointed to the House Homeland Security Committee, the House Committee on Natural Resources, and currently serves as Chairman of the Investigations and Oversight Subcommittee for the House Science, Space, and Technology Committee. Dr. Broun grew up in Athens, Ga., and graduated from the University of Georgia in 1967 with a B.S. in Chemistry. In 1971, he received his Medical Doctor degree from the Medical College of Georgia in Augusta. Dr. Broun served in the military as a jet engine mechanic in the U.S. Marine Corps Reserves and later received a commission as a medical officer in the U.S. Navy.