McKinley backs bill to audit Federal Reserve - Business, Government Legal News from throughout WV

McKinley backs bill to audit Federal Reserve

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A bill introduced by Rep. Ron Paul, R-Texas, has the support of one of West Virginia's Republican representatives.

Rep. David McKinley, R-W.Va., announced July 25 that he supports the "Audit the Fed" bill, which would increase public accountability of the Federal Reserve.

"It's only common sense to give Congress and the American people a full accounting of the Federal Reserve," McKinley said.

"The Fed should not be permitted to operate in the dark without oversight by Congress and accountability to the people. The American people deserve no less than a full and complete audit."

According to McKinley's office, the Federal Reserve's balance sheet has tripled in size to $3 trillion since the 2008 financial crisis. The Fed also has transacted more than $16 trillion in loans throughout the crisis, almost surpassing the entire U.S. economy.

"This is a perfect example why public accountability is needed," McKinley said.

If passed, the legislation would require the comptroller general to conduct a full audit of the Federal Reserve by the end of 2012. Senate Majority Leader Harry Reid has said he would not take up the legislation that has received bipartisan support in the U.S. House.

The bill passed the House July 25 327-98.

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