Dear Mr. [Last Name]:
Thank you for contacting me regarding the Federal Reserve Transparency Act of 2011 (S. 202). I appreciate hearing your views on this matter and welcome the opportunity to respond.
The Federal Reserve implements monetary policy, regulates banking institutions, maintains the stability of the financial system, and provides financial services to depository institutions.
As introduced by Senator Rand Paul (R-KY), S. 202 calls for an audit of the Board of Governors of the Federal Reserve System and of the 12 regional Federal Reserve Banks, to be completed by the end of 2012. This legislation has been referred to the Senate Banking, Housing, and Urban Affairs Committee, of which I am not a member. Should this bill come before the full Senate for consideration, I will keep your views in mind.
Again, thank you for contacting me. If I can be of further assistance, please feel free to contact my office at (202) 224-2551.
Sincerely,
John Hoeven
United States Senator