WASHINGTON - U.S. Senator Sam Brownback today announced his co-sponsorship of S. 604, the Federal Reserve Transparency Act. The bill would broaden the Government Accountability Office's authority to audit the Federal Reserve.

"We desperately need transparency in throughout the federal government, especially in light of the vast sums of taxpayer dollars being thrown around under the guide of the current fiscal crisis," said Brownback. "It really is shocking that an entity that can negotiate with foreign banks, create legal tender and has given banks over $2 trillion in loan guarantees is not already regularly and completely audited and in fact is exempt from being fully audited. It makes good sense to allow for more transparency."

The Federal Reserve Sunshine Act of 2009 repeals the authority of the Comptroller General to carry out an onsite examination of an open insured bank or bank holding company only if the appropriate federal regulatory agency has consented in writing. It also directs the Comptroller General to complete, before the end of 2010, an audit of the Board of Governors of the Federal Reserve System and of the federal reserve banks, followed by a detailed report to Congress.

Brownback is the ranking Senate Republican on the Joint Economic Committee.