By Staff Reports
(Victor Valley) –Today, Rep. Paul Cook (R-Apple Valley) became a cosponsor of H.R. 24, the Federal Reserve Transparency Act. This bill requires a full audit of the Federal Reserve and all Federal Reserve banks.
Despite the Federal Reserve’s massive role in managing the economy, current law restricts the Government Accountability Office (GAO) from auditing the Federal Reserve’s deliberations, decisions, or actions on monetary policy matters. The Federal Reserve Transparency Act removes these restrictions and allows the GAO to examine the Fed’s books. This would put the central banking system under the same transparency rules as most other federal agencies.
Cook said, “After the most recent financial collapse, it is more important than ever that we create full transparency in the Federal Reserve. The fact that the main regulator of our financial system isn’t held to the same reporting standards as the rest of the country is unacceptable. I’m proud to be a cosponsor of this vital legislation to provide oversight for our central banking system.”
A member of the House Armed Services, Foreign Affairs, Veterans’ Affairs Committees, Cook served as an infantry officer and retired after 26 years as a Colonel in the U.S. Marine Corps. During his time in combat, he was awarded the Bronze Star and two Purple Hearts.