PLATTSBURGH — North Country Congressman Bill Owens voted in favor of a bill that requires a complete audit of the Federal Reserve.
His opponent agrees with the bill.
“The public deserves more accountability of their money and more transparency from Washington,” Owens said following the vote Wednesday afternoon.
“This legislation calls for a one-time audit of the Federal Reserve, and, after reviewing the results, we can decide how to proceed in the future.”
The bill removes restrictions on the General Accountability Office and its audits of the Federal Reserve Board and its banks, according to Owens.
Under existing law, the General Accountability Office may not audit Federal Reserve activities involving foreign central banks, foreign governments or public international financing organizations.
The bill also requires the office to conduct an audit of all activities of the Board of Governors of the Federal Reserve System and its banks and report to Congress within one year of enactment.
The House voted 327 to 98 to approve the bill.
If it becomes law, the General Accountability Office must also perform an audit within six months of the Fed’s review of loan files of homeowners who were in foreclosure in 2009 or 2010.
Owens’s opponent in this year’s race for the 21st District seat, Republican Matt Doheny of Watertown, said he supports the bill, as well.
“The Federal Reserve dictates the nation’s monetary policy, but some of its most essential policies are carried out in secret,” said Doheny, who has the Conservative and Independence party lines.
“Without complete information, we simply cannot tell if the Fed is operating responsibly. An audit is warranted to protect the American taxpayer.”
The Senate version of the bill remains in committee.
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