
Representative Ellen Tauscher, California 10th Congressional District
H.R. 1207, also known as the Federal Reserve Transparency Act of 2009, enables the Comptroller General to audit the Federal Reserve System and federal reserve banks, without first obtaining written consent from them (which is currently required). It also directs the Comptroller to complete an audit of the Federal Reserve System by 2010, and provide a detailed report to Congress. In addition H.R. 1207 removes language from Subsection b, section 714, of Title 13 of the United States Code, and would enable the Comptroller General to audit the following items which are currently exempt from auditing:
When asked if she would consider joining the list of H.R. 1207 cosponsors, California 10th Congressional District Representative Ellen Tauscher’s e-mailed response was:
“Thank you for writing me about H.R. 1207, the Federal Reserve Transparency Act of 2009. This bill is currently pending before the House Committee on Financial Services. With the near collapse of our financial system last fall, it is apparent that efficient, effective regulation that strengthens consumer and investor protections and promotes market stability and transparency is needed. As we repair the financial system, we must incorporate strong oversight and accountability measures that enhance the current regulatory standards. Be assured that I will keep your thoughts in mind as I review the report for the committee.”
Rep. Tauscher skillfully dodged the question of whether or not she would considering joining the list of H.R. 1207 cosponsors. She also wrote that she will “review the report for the committee” (House Committee on Financial Services), on which she does not serve. As of June 5, 2009, H. R. 1207 had 190 cosponsors, and Rep. Tauscher was not among them.
Could it be that Rep. Tauscher and others are against a comprehensive audit of the Federal Reserve System and federal reserve banks? If so, why?
Update: Tauscher was confirmed as the Undersecretary of State for Arms Control and International Security on June 25, 2009. Her last day in the House was June 26, 2009.






