[Congressional Record (Bound Edition), Volume 160 (2014), Part 10]
[House]
[Page 14770]
[From the U.S. Government Publishing Office, www.gpo.gov]




                    FEDERAL RESERVE TRANSPARENCY ACT

  (Mr. SMITH of Missouri asked and was given permission to address the 
House for 1 minute.)
  Mr. SMITH of Missouri. Mr. Speaker, I am proud today to stand up in 
support of legislation that I cosponsored that the House will consider 
later today, H.R. 24, the Federal Reserve Transparency Act.
  As the creator of U.S. monetary policy, the Federal Reserve is one of 
the most influential institutions in our government. Unfortunately, it 
is also mentioned as one of the most secretive institutions of 
government. This act would require the Federal Reserve System to submit 
itself to a full, fair, and open audit process.
  President Harry Truman, from the great Show-Me State, once said that 
``secrecy and a free democratic government don't mix.'' In all of 
government, including the Federal Reserve, openness, transparency, and 
accountability are absolutely required. Hundreds of my fellow 
Missourians have contacted me asking to fully audit the Federal Reserve 
in just the first 15 months that I have been in office.
  Mr. Speaker, it is time to audit the Fed.

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