Source: PRESS RELEASE, 9/17/14

Congressman Mike McIntyre (NC-7) praised the recent passage of the Federal Reserve Transparency Act of 2014, a bill that he co-sponsored. 

          Congressman McIntyre said, “With the passage of this bill, we have taken great strides towards increasing transparency across the federal government while also helping community banks, small businesses, and job creators! I am very pleased to see this important legislation passed in a strong bipartisan manner. More oversight and transparency of the Federal Reserve System is critical to our taxpayers, our economy, and our future!”

The Federal Reserve Transparency Act passed with an overwhelming majority of 333 to 92. McIntyre has supported the bill for many years, including voting for the legislation on the floor of the U.S. House of Representatives during the 112th Congress.
The Federal Reserve Transparency Act would remove existing restrictions on Government Accountability Office (GAO) audits of the Federal Reserve Board and Federal Reserve banks. Furthermore, the 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. Additionally, this audit would include a review of the loan files of homeowners who were in foreclosure in 2009 or 2010.