Sen. Cornyn Backs Bipartisan Federal Reserve Sunshine Act

Press Release

Sen. Cornyn Backs Bipartisan Federal Reserve Sunshine Act

Bill authorizes audit of the Federal Reserve, bringing sunlight to central bank's actions

Building on his efforts to increase government transparency, U.S. Sen. John Cornyn, R-Texas, announced his support for S. 604, the Federal Reserve Sunshine Act. The legislation would direct the Government Accountability Office (GAO), the nonpartisan investigative arm of Congress, to audit the Federal Reserve Bank.

"Over the last year, the Federal Reserve has used trillions of dollars to create a number of new lending programs in an effort to grow the economy. Given the historic and unprecedented actions taken by the Federal Reserve, additional measures to strengthen transparency and accountability are necessary. This legislation would increase oversight of the Federal Reserve by requiring the GAO to conduct an audit of the Federal Reserve and its banks by the end of 2010. This will help taxpayers know what the Federal Reserve is doing to get our economy back on track. I have been a longtime supporter of increasing transparency and accountability in our federal government, and this legislation is another way to allow for more sunshine here in Washington," Sen. Cornyn said.

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