AMAC Supports Legislation to Audit the Fed

H.R. 24 provides the necessary transparency for Congress to conduct appropriate, informed oversight of the Federal Reserve.

March 3, 2021

The Honorable Thomas Massie
4th Congressional District of Kentucky
2453 Rayburn House Office Building
Washington, D.C. 20515

Dear Congressman Massie,

On behalf of the 2.3 million members of AMAC – Association of Mature American Citizens, including over 6,700 residing in KY-04, I write to offer our support for H.R. 24, the Federal Reserve Transparency Act of 2021.

AMAC members have long voiced their support for transparency in government, especially where the Federal Reserve is concerned. AMAC members recognize that Congress created the Federal Reserve and has a responsibility to oversee its activities.

H.R. 24 would subject the Federal Reserve’s monetary policy powers to outside scrutiny and directs the GAO to audit the Federal Reserve Board and Federal Reserve banks with respect to international financial transactions; deliberations, decisions, or actions on monetary policy matters; transactions made under the direction of the Federal Open Market Committee; and discussions or communications among Federal Reserve officers, board members, and employees regarding any of these matters.

Congress needs informed oversight and auditing the Federal Reserve’s monetary functions would help them, and the American people, obtain the analysis needed to gain a better understanding of the procedures of the Fed.

We appreciate your efforts to provide this transparency, Congressman Massie, and are pleased to offer AMAC’s full support for H.R. 24, the Federal Reserve Transparency Act of 2021.

Sincerely,
Bob Carlstrom
President, AMAC Action