This legislation would have required the Comptroller of the United States to audit the Federal Reserve and provide a report to Congress on Federal Reserve activity. This amendment came at a time when the Federal Reserve's balance sheet was the largest in history and continued to keep interest rates at non-existent levels to increase inflation. The goal of this legislation was to provide transparency to an opaque decision making process and a stepping stone to sound monetary policy. While the bill passed the House 327-98 on July 25, 2012, it never passed the Senate.

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Conservative position: YES