WASHINGTON, D.C. - Today, the U.S. House of Representatives Oversight and Government Reform Committee unanimously passed the Federal Reserve Transparency Act (H.R. 459), known as Audit the Fed. Following the House Oversight Committee's unanimous vote, Sen. Rand Paul issued the following statement:

"Today, I applaud the unanimous passage of Audit the Fed out of committee and commend House leadership for promising a vote on Audit the Fed next month," Sen. Paul said. "It is important that we get our economy growing again through savings and investment, not more debt and deficit spending. But we can't turn the economy around until we fix the root of the problem: an unaccountable Federal Reserve. A complete and thorough audit of the Fed will finally allow the American people to know exactly how their money is being spent by Washington." 

"I have introduced similar legislation in the Senate and will continue to fight on the frontlines of this battle to get Audit the Fed passed through Congress," he continued.

In January 2011, Sen. Rand Paul introduced companion legislation in the Senate, the "Federal Reserve Transparency Act of 2011" (S.202), also calling for a full audit of the Federal Reserve.

###