Yesterday, I voted against H.R. 24, the so-called Audit the Fed bill, because, this July, the House Financial Services Committee passed a much more effective piece of legislation that would make the Federal Reserve more transparent and accountable to the American public. H.R. 5018, the Federal Reserve Accountability and Transparency Act, updates the now outdated reforms included in H.R. 24 and should have been taken up and passed by the House in place of the Audit the Fed bill. My position on the need for Federal Reserve form remains unchanged, but the out of date version of reform applied by H.R. 24 was the wrong solution. H.R. 5018 requires the Federal Reserve to adopt a more predictable rules-based policy that will lead to a healthy and stronger economy. It also requires the Fed to share with the public whatever rules-based approach it decides to follow. The bill also requires the Federal Reserve to conduct a cost-benefit analysis when adopting new regulations in order to ensure the benefits of proposed regulations outweigh the cost to the economy.
Posted on: Thu, 18 Sep 2014 21:39:04 +0000
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