UNITED STATES CONGRESSMAN GARY MILLER Proudly Serving California's 31st District

Washington, Jul 27, 2012 - Click here for entire Capitol Connection Newsletter  On Wednesday, the House of Representatives voted overwhelmingly to allow for a full and thorough audit of the Federal Reserve. The Federal Reserve System was created by Congress in 1913 to serve as the central bank of the United States. The Federal Reserve is tasked with formulating monetary policy, supervising and regulating banking institutions, and maintaining the stability of the U.S. financial system. By law and practice, the Federal Reserve is accountable to Congress. While the Federal Reserve’s financial statements are audited on an annual basis, the Government Accountability Office (GAO) is currently restricted from auditing decisions or actions on monetary policy and transactions for or with foreign central banks, governments and international organizations. H.R. 459, which passed in a 327-98 vote, would remove these limitations on the GAO, allowing for a full audit of the Federal Reserve. Congressman Miller will continue to work to promote transparency and strengthen congressional oversight of our nation’s central banking system.