HR 1207 ‘Federal Reserve Transparency Act of 2009′ has been refereed to the House Financial Services Committee, of which you are a member.

I think this act is extremely important to the residents of St. Louis. As a response to the recent financial crisis the Federal Reserve has acted quickly and decisively. In this environment it is essential for the actions of the Federal Reserve to be understood an analyzed closely. The current US code limits the authority of the Comptroller of the Currency to audit the Federal Reserve effectively. HR 1207 will allow for the Comptroller to complete a full audit by removing the limitations set forth in section 714 of title 31, United States Code.

As a professional economist with a masters in economics I understand the dynamics between the Federal Reserve and the health of our economy. Sound monetary policy which is transparent and beneficial in the long run is essential to a stable economic system. Chairman Bernanke, prior to his current position, supported increased transparency of the Federal Reserve, although his recent attempts at limiting transparency have gone against his own prescriptions.

I urge you to support HR 1207. At the most we will gain a better understanding of the Federal Reserve and at a minimum send a signal to the Federal Reserve that we as a citizenry are becoming more aware of the importance of sound policy by the Federal Reserve.

Sincerely,

John D Taylor

HR 1207 (Federal Reserve Transparency Act of 2009)

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