This legislation is very similar to HR 1207 from the 111th Congress and calls for a full and complete audit of the Federal Reserve by the Government Accountability Office, to be reported to Congress by the end of 2012.
HR 1207 had garnered broad bi-partisan support with 320 cosponsors in the 111th Congress, and was attached (but removed in conference) as an amendment to the Dodd-Frank Financial Reform Bill.
In response to unprecedented public interest in the activities of the Federal Reserve, it hired a full time lobbyist for the first time in history during the 111th Congress.
“I was very pleased that so many of my colleagues were willing to stand up for transparency and accountability in government by cosponsoring HR 1207 in the last Congress. I am optimistic about our prospects for a full and complete audit in the 112th Congress,” stated Congressman Paul.
HR 459 has 56 co-sponsors at time of introduction:
Rep Alexander, Rodney [LA-5] Rep Bachus, Spencer [AL-6] Rep Bartlett, Roscoe G. [MD-6] Rep Barton, Joe [TX-6] Rep Bilirakis, Gus M. [FL-9] Rep Blackburn, Marsha [TN-7] Rep Broun, Paul C. [GA-10] Rep Burgess, Michael C. [TX-26] Rep Burton, Dan [IN-5] Rep Calvert, Ken [CA-44] Rep Campbell, John [CA-48] Rep Chaffetz, Jason [UT-3] Rep Coffman, Mike [CO-6] Rep Flores, Bill [TX-17] Rep Forbes, J. Randy [VA-4] Rep Fortenberry, Jeff [NE-1] Rep Gallegly, Elton [CA-24] Rep Garrett, Scott [NJ-5] Rep Gerlach, Jim [PA-6] Rep Gohmert, Louie [TX-1] Rep Graves, Tom [GA-9] Rep Heller, Dean [NV-2] Rep Huizenga, Bill [MI-2] Rep Jones, Walter B., Jr. [NC-3] Rep Kaptur, Marcy [OH-9] Rep Kucinich, Dennis J. [OH-10] Rep Lamborn, Doug [CO-5] Rep Lance, Leonard [NJ-7] Rep LaTourette, Steven C. [OH-14] Rep LoBiondo, Frank A. [NJ-2] Rep Marchant, Kenny [TX-24] Rep McCaul, Michael T. [TX-10] Rep McClintock, Tom [CA-4] Rep McKeon, Howard P. “Buck” [CA-25] Rep McKinley, David B. [WV-1] Rep McMorris Rodgers, Cathy [WA-5] Rep Miller, Gary G. [CA-42] Rep Miller, Jeff [FL-1] Rep Myrick, Sue Wilkins [NC-9] Rep Petri, Thomas E. [WI-6] Rep Posey, Bill [FL-15] Rep Reed, Tom [NY-29] Rep Rehberg, Denny [MT] Rep Rohrabacher, Dana [CA-46] Rep Ross, Dennis [FL-12] Rep Schock, Aaron [IL-18] Rep Simpson, Michael K. [ID-2] Rep Smith, Adrian [NE-3] Rep Smith, Lamar [TX-21] Rep Thompson, Glenn [PA-5] Rep Wittman, Robert J. [VA-1] Rep Woodall, Rob [GA-7] Rep Woolsey, Lynn C. [CA-6] Rep Young, C.W. Bill [FL-10] Rep Young, Don [AK]
Senator Rand Paul introduced the same bill as S. 202 in the Senate, with Sen. Jim DeMint (R-SC) and Sen. David Vitter (R-LA) as cosponsors.
The Federal Reserve Transparency Act of 2011 would open up the Fed’s funding facilities, such as the Primary Dealer Credit Facility, Term Securities Lending Facility, and Term Asset-Backed Securities Lending Facility to Congressional oversight and audit by the non-partisan Government Accountability Office. Additionally, audits would include discount window operations, open market operations, and agreements with foreign central banks such as ongoing dollar swap operations with European central banks.
Public polling conducted by Rasmussen Reports in December 2010 indicated that 74 percent of the American People demand transparency at the Fed and support a full audit as called for in the Audit the Fed legislation. In 2009 and 2010, Campaign for Liberty generated over 2.5 million grassroots contacts to federal lawmakers in support of Audit the Fed.
“The Federal Reserve and its loose money, easy credit policies are the culprit for so many of the dire economic problems we face. Americans continue to demand transparency at the Federal Reserve, and Campaign for Liberty is proud to lead the fight to make this legislation the Law of the Land,” said Campaign for Liberty President John Tate. “All across the country, grassroots citizens are uniting behind Ron and Rand Paul and will demand this audit, this year.”