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Mr Speaker I rise rise today in support of my friend and colleague Congressman Paul Brown's Federal Reserve transparency act otherwise known as

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audit the FED our mutual friend and predecessor Congressman Ron Paul first introduced this bill back in 1983 his often lonely voice and

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courageous efforts to shed light on the secretive and harmful actions of the Federal Reserve have finally paid off over 30 years later in July of 2012

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congressman Paul's audit the FED bill passed the House of Representatives by an overwhelming vote of 327 to 98 sadly it has yet to receive a vote in the

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Senate as Congressman Ron Paul stated here on the house floor in 2011 in words that remain current and relevant today

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in 2014 quote throughout its nearly 100-year history the Federal Reserve has presided over the near complete

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destruction of the United States dollar since 1930 the dollar has over 98% of its purchasing power aided and embedded

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by the federal reserve's loose monetary policy how long will we as Congress stand idly by while hardworking Americans see their savings eaten Away

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by inflation only big spending politicians and politically favored Bankers benefit from inflation since its Inception the Federal Reserve has always

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operated in the shadows without sufficient scrutiny of or oversight of its operations while the conventional excuse is that this is intended to

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reduce the fed's susceptibility to political pressures the reality is that the FED acts as a foil for the government when whenever you question

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the FED about the strength of the dollar they will refer you to the treasury and vice versa the Federal Reserve has on the one hand many privileges of

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government agencies while retaining benefits of private organizations such as being largely insulated from Freedom of Information Act requests the Federal

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Reserve can into agreements with foreign central banks and foreign governments and the GAO is prohibited from auditing these agreements why should a government

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established agency whose police force has the federal law enforcement powers and whose notes have legal tender status in this country be allowed to enter into

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agreements with other foreign powers and foreign banking institutions with no oversight particularly because the FED has operated swap lines with foreign

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central banks and provided hundreds of millions of dollars of bailouts to foreign commercial Banks the fed's negotiations with the European Central Bank the bank of international

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settlements and other foreign institutions should face increased scrutiny most especially because of their significant effect on foreign policy given the currency crisis in

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Europe and the prospect of the Fed propping Up foreign governments or bailing out American Banks invested in European debt this issue is of

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especially pressing concern Congressman Ron Paul's words are even more true today thank you Congressman Ron Paul's

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words are even more true today than they were then and that's why I urge my colleagues to vote in favor of this bill it's time to force the Federal Reserve

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to operate by the same standards of transparency and accountability to the taxpayers that we should demand of all government agencies thank you and I

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yield back