Rep. Thomas Massie’s (R-Ky.) bill to audit the Federal Reserve was approved by the House Committee on Oversight and Government Reform yesterday. The Federal Transparency Act, H.R. 24, was introduced on January 3, this bill directs the Government Accountability Office (GAO) to complete, within 12 months, an audit of the Federal Reserve Board and Federal Reserve banks. This bill provides oversight and transparency into the Federal Reserve, which is necessary to limiting the Federal government.