Thank you for contacting me regarding H.R. 1207. The Federal Reserve Transparency Act of 2009. I appreciate hearing from you.
As you may know, Congress created the Federal Reserve System in 1913 to serve as the central bank for the United States. The Federal Reserve formulates the nation’s monetary policy, supervises and regulates banks, and provides a variety of financial services to depository financial institutions and the fedreal government. Congress created the Federal Reserve as an independent entity to enable the central bank to carry out its responsibilities protected from excessive political and private pressures. All teh [sic] Congress routinely monitors monitors the Federal Reserve System through formal and informal oversight activities.
Representative Ron Paul (R-TX) introduced H.R. 1207 on February 26, 2009. The bill would amend Title XXXI of the United States Code to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported. The bill has been referred to the House Committee on Financial Services.
Again, thank you for being in touch. For news on current federal legislative issues, please visit my webiste at http://www.house.gov/dingell; you can also sign up there to receive my e-newsletter. In the meantime, please do not hesitate to contact me again if I may be of assistance with this or any other matter of concern.
With every good wish,
John D. Dingell
Member of Congress