Lewis Supports Reforming the Federal ReserveWASHINGTON, D.C.: Congressman Jason Lewis (MN-02) issued the following statement after cosponsoring the Federal Reserve Transparency Act, H.R. 24:
“The Federal Reserve is one of the most secretive agencies in government and has strayed far from its core mission of conducting the nation’s monetary policy. If we really want to tackle the $20 trillion national debt and regain confidence in our economy, we need to rein in the Federal Reserve and bring accountability and transparency to its actions. Monetary policy should not be made in secret to fit an ideological mold.”
"Though the Federal Reserve should enjoy a degree of independence, it must still be accountable to Congress. Transparency is key in making certain the Fed doesn't stray from its core mission of conducting the nation’s monetary policy to ensure a stable dollar. That's why I'm proud to co-sponsor H.R. 24, the Federal Reserve Transparency Act, so that our central bank’s operations are above board and without regard to politics. Printing money or monetizing our massive national debt of $20 trillion doesn't make it go away. Bringing accountability and transparency to the Federal Reserve is a good first step in regaining effective oversight of this very powerful institution."
Background: The Federal Reserve system plays a major role in U.S. monetary policy, and while independent, is subject to Congressional oversight. In recent years, Federal Reserve Governors have become increasingly politicized and the Fed’s balance sheet has exploded. This is inappropriate, and an audit of the Federal Reserve system is required so that the American people can have confidence in their decisions. H.R. 24, which you can read here, would require a full audit of the Board of Governors of the Federal Reserve System, and the Federal reserve banks, by the Comptroller General of the United States.
|
