text: Federal Reserve Transparency Act of 2009. , 2009-02-26. To reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported. Ensures the audit results are available to Congress, and includes the Fed's "discount window", its funding facilities, its open market operations, and its agreements with foreign bankers. Proponents state that the Fed has never been audited by Congress since the Fed's creation in 1913. The Federal Reserve states that "the financial statements of the Federal Reserve Banks and the Board of Governors are audited annually by an independent outside auditor." Paul says that the present audit process exempts the Fed's "most crucial activities".
  Significant advocacy for the Transparency Act has ensued. At a rally in Bloomington, Indiana, outside the office of Baron Hill (D-IN), a Young Americans for Liberty petition encouraging Hill to vote in favor of the bill circulated among a crowd of 200; Hill did not comment to YAL, according to member Meredith Milton. The advocacy group Campaign for Liberty (CFL) encourages members to petition representatives to cosponsor the Transparency Act, sponsoring hundreds of pro-bill rallies in cities like Boone, North Carolina; Peoria, Illinois; Philadelphia, Pennsylvania; and (CFL regional conference) St. Louis, Missouri.