WASHINGTON - November 20 - The House Financial Services Committee voted on Thursday to pass, by a vote of 43 – 26, historic legislation that would open up the books of the Federal Reserve, an institution known for its secrecy. The Paul-Grayson amendment to the Financial Stability Improvement Act of 2009 (H.R. 3996) calls for an in-depth audit of the Federal Reserve.

Statement from Nicole Tichon, Tax and Budget Reform Advocate for U.S. PIRG:

“We applaud the House Financial Services Committee for supporting this bipartisan call for unprecedented transparency into the elusive workings of the Federal Reserve. For too long, taxpayers have been blind, reluctant investors in a system largely controlled by bankers to benefit bankers. They deserve to know where the trillions of dollars have gone.”

“As the process continues, we will work for improvements, such as publication of emergency lending beneficiaries on the Fed’s website.”