Portman Votes to Audit the Federal Reserve

January 12, 2016 | Press Releases

Portman is an Original Co-sponsor of the Federal Reserve Transparency Act

Washington, D.C. – Today, U.S. Senator Rob Portman (R-Ohio) voted in support of the Federal Reserve Transparency Act. Known widely as "Audit the Fed," the bill calls to eliminate restrictions on Government Accountability Office (GAO) audits of the Federal Reserve and mandate that the Federal Reserve’s credit facilities, securities purchases, and quantitative easing activities would be subject to Congressional oversight. Portman is an original co-sponsor of this legislation, which was introduced by U.S. Senator Rand Paul (R- Ky.).

“For far too long, the Federal Reserve has been exempt from transparency, a key part of our democracy, while taking extraordinary actions during the financial crisis that raised legitimate concerns,” Portman stated. “While the Federal Reserve’s independence is critical, I believe an audit of the Fed is overdue.”

The Federal Reserve Transparency Act can be found here