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Source: U.S. Congressman Mike McIntyre (N.C.-7), 2/5/13
In reaffirming his commitment to increasing transparency across the federal government, helping community banks and small businesses, U.S. Congressman Mike McIntyre announced that he has become a co-sponsor of the Federal Reserve Transparency Act. McIntyre has supported this bill for many years, including a vote in favor of it on the floor on the U.S. House of Representatives during the 112th Congress.
Congressman McIntyre stated, “Our local banks have suffered and that causes a ripple effect in the community including harming small businesses which are our job creators! This is a strong step to ensure that our community banks are treated fairly by the Federal Reserve! More oversight and transparency of the Federal Reserve System is critical. This bill is important to our taxpayers, our economy, and our future!”
The Federal Reserve Transparency Act would remove existing restrictions on Government Accountability Office (GAO) audits of the Federal Reserve Board and Federal Reserve banks. Instead, this bill would require the GAO to conduct an audit of all activities of the Board of Governors of the Federal Reserve System and Federal Reserve banks. The GAO would have 12 months from the bill’s enactment to report their findings to Congress. This audit would include a review of the loan files of homeowners who were in foreclosure in 2009 or 2010.
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