Congressman Bob Turner was the sole Republican to vote against Congressman Ron Paul’s “Audit the Fed” bill, designed to provide more accountability at the Federal Reserve.

If enacted, the bill will permit the Government Accountability Office to perform an in depth audit of the Federal Reserve System, the central banking system of the United States, consequently increasing the reserve’s transparency and accountability. The audit must be concluded within 12 months and then turned over to Congress.

The bill passed in the House of Representatives last Wednesday, July 25, with 327 representative voting in favor of it, and 98 against it. It was brought to the floor of the Senate last week with 270 co-sponsors, indicating an easy passage.

But Turner was one of the few in Congress – and the only Republican – not on board with providing more oversight of the agency. He explained his vote by saying that the Federal Reserve is audited annually by an independent accounting firm and also makes its balance sheets public, wrote WNYC.

“While I have serious concerns about the Fed’s actions during the financial crisis in 2008 and the monetary easing since then, Congress should not attempt to politicize what should be an independent institution,” Turner said in an e-mail to WNYC.

According to the Huffington Post, Federal Reserve Chairman Ben Bernanke said to the House Financial Services Committee that he agrees with the “basic premise” of the bill, and stated that the activities of the Federal Reserve should be exposed. However, he expressed the need for certain monetary policies to remain exempt from this requirement.

Not doing so could create a “political dampening effect on the Federal Reserve’s policy decisions,” Bernanke told the Huffington Post.

Although the bill passed through the House of Representatives with ease, it seems as though there is little hope for its passage in the Senate. Fox News said that Senate Majority Leader Harry Reid, a Nevada Democrat, will refuse to even bring the bill to a vote, despite the fact that he has made attempts to pass legislation of this kind in the past.

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  • http://www.flickr.com/photos/lisanne001 Lisanne!

    For once he might be on the right side of something. Perhaps an audit is not what is needed in this case.

    • Thebareheadedwoman

       well i’m all for disbanning over audit

      • http://www.flickr.com/photos/lisanne001 Lisanne!

         I think you mean disbanding. And that, is not at all a desirable outcome.

    • AIG_Quant

       what we need here is more cheetos. mmm i love cheetos and the problem is my fingers get really orange after i eat them. Doesnt help even after I lick them

      • http://www.flickr.com/photos/lisanne001 Lisanne!

         Cheetos are a mess menace. They should be banned like super sized sodas and whatever else Bloomberg has taken a dislike to.

  • Thebareheadedwoman

     “Congress
    should not attempt to politicize what should be an independent
    institution,” Turner said in an e-mail to WNYC.”  er…Mr. Turner must not have looked into the hierarchy of the Fed, nor it’s interaction with our government since 1913, nor read the definition of croney capitalism, nor read Thomas Jefferson, nor has a sense of injustice.

    the Fed is private like the MTA is private:  Neither flesh nor fowl nor good red herring.

    • http://www.brucebrodinsky.com Bruce B

      Turner did not say the Fed was private – he said he wanted it to maintain independence, meaning in decision-making.  Maybe he needs to read Jefferson, but somebody needs to read Turner.

         Please. The Fed is one of the last institutions somewhat free of political-partisan infighting. It helped save ths system in 2008, even if, as Bernanke testified, “I had to hold my nose while doing it” (not an exact quote, but close to it).  Make it another arm of Congress with extreme “oversight” and next time we won’t be so lucky. I’m not an expert – I don’t know how much additional “oversight” this bill adds, but I fear that, well, here we go.

          And I give Turner credit. If he was the only Republican against it, at least he’s not a sheep, like the rest of Congress (Democrat and Republican).

      • Chris L

        Do you honestly believe the Fed is “independent” at all?? It’s a bank, run by the banks, to print themselves money at the taxpayers expense.  Why do you think they’re always the first to get the bailouts, quantitiative easings, etc.?
        The argument that Congressional oversight will reduce its’ independence is laughable. 
        I’m an accountant in the public sector, and the fact remains, anytime someone goes kicking and screaming against an audit, it’s because they want their schenanigans kept quiet.

        • Thebareheadedwoman

           the fed is the fox hired to police the hen house

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  • Norscio

    fire him

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  • psu3700

    The secretive Fed that is already affected by politics, prints money at will and devalues the peoples dollar in favor of bailing out fat cats – needs to be audited.