Dear Mr. Mora:
Knowing of your interest in receiving updates about government reform, I am writing regarding recent developments.
As you may know, Congress formed the Federal Reserve as a semi-public institution charged with establishing interest rates, managing monetary policy, ensuring low unemployment, and stabilizing prices. Because Congress has a responsibility to ensure federal agencies work effectively and within the law, the House of Representatives is considering the Federal Reserve Transparency Act (H.R. 24). This legislation would eliminate restrictions on audits of the Federal Reserve by the General Accountability Office, commonly referred to as GAO, and open the Federal Reserve's operations to enhanced scrutiny and congressional oversight.
As a cosponsor of H.R. 24, I support this legislation because I firmly believe transparency and accountability are vital to ensure the responsible use of taxpayer dollars.
Currently, H.R. 24 has been referred to the Committee on Oversight and Government Reform as well as the Committee on Financial Services. Although I do not serve on these committees, as a member of the Financial and Economic Literacy Caucus, I will continue to work with my colleagues to promote policies to control waste, fraud, and abuse in government. Rest assured I will keep you apprised of future developments as the legislative process moves forward.
For more information on this issue or to receive additional legislative updates, please visit
http://adriansmith.house.gov.
Sincerely,
ADRIAN SMITH
Member of Congress
