Purpose
According to its short title, the Federal Reserve Transparency Act of 2009 (H.R. 1207) amends Title 31 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". It strikes exceptions to the audit protocol in 31 U.S.C. ยง 714 for the Federal Reserve System, the central bank of the United States, and replaces an indefinite deadline with a deadline of December 2010. It also ensures the audit results are available to Congress. The audit would include the Fed's "discount window", its funding facilities, its open market operations, and its agreements with foreign bankers.
The Federal Reserve states that "the financial statements of the Federal Reserve Banks and the Board of Governors are audited annually by an independent outside auditor." The bill's sponsor, Congressman Ron Paul (R-TX), counters by stating that the present audit process exempts the Fed's "most crucial activities".
Read more about this topic: Federal Reserve Transparency Act
Famous quotes containing the word purpose:
“A material resurrection seems strange and even absurd except for purposes of punishment, and all punishment which is to revenge rather than correct must be morally wrong, and when the World is at an end, what moral or warning purpose can eternal tortures answer?”
—George Gordon Noel Byron (1788–1824)
“I have always felt that the real purpose of government is to enhance the lives of people and that a leader can best do that by restraining government in most cases instead of enlarging it at every opportunity.”
—Gerald R. Ford (b. 1913)
“The purpose of punishment is to improve those who do the punishing—that is the final recourse of those who support punishment.”
—Friedrich Nietzsche (1844–1900)