For Immediate Release
US PIRG Applauds Passage of Amendment to Audit the Federal Reserve
WASHINGTON - 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.
“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.”
the process continues, we will work for improvements, such as publication of
emergency lending beneficiaries on the Fed’s website.”
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U.S. PIRG, the federation of state Public Interest Research Groups (PIRGs), stands up to powerful special interests on behalf of the American public, working to win concrete results for our health and our well-being. With a strong network of researchers, advocates, organizers and students in state capitols across the country, we take on the special interests on issues, such as product safety,political corruption, prescription drugs and voting rights,where these interests stand in the way of reform and progress.