Rep. Mike Rogers, R-Saks, sent a letter last week to Janet Yellen, the new head of the U.S. central bank, urging her to audit the Federal Reserve.
A partial excerpt from the letter can be read below:
During your confirmation, you noted that the Federal Reserve has been a steadfast steward of our nation’s monetary policy. I urge you to share that record with the American public by opening the books and allowing the U.S. Comptroller General, an independent entity, to fully audit all actions. So much of what the Federal Reserve does is designed to bring certainty and stability to our economy. I cannot think of a better way to add to that certainty than cutting through the cloak of secrecy to ensure openness through auditing.
Rogers told Yellowhammer today that he supports the Federal Reserve Transparency Act of 2013, which was introduced in the House earlier this month and currently has over 180 cosponsors. The bill directs the Comptroller General to audit of the Board of Governors of the Federal Reserve System and of the Federal Reserve Banks and to then submit a detailed report of the findings to Congress.
“I urge Janet Yellen to listen to the consistent message from Congress and the American people and audit the Fed,” Rogers added today.
Yellen made history earlier this month when she was confirmed as the first woman to head up the U.S. Federal Reserve. The Senate voted 56-26 to confirm Yellen as Ben Bernanke’s successor. His term expires at the end of this month.
Among the 26 dissenters were both Alabama Senators, Richard Shelby and Jeff Sessions.
“Since 2008, the Fed’s printing presses have generated a backdoor stimulus nearly four times greater than the $787 Obama stimulus,” Shelby said after voting against Yellen’s nomination in committee. “The Fed is the world’s largest holder of U.S. Treasury bonds and the biggest enabler of our exploding debt. These actions also present massive risks for sharp price increases on every single product that Americans buy. I voted against President Obama’s nominee because I have no confidence that she will change course.”
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