U.S. Representative Phil Roe (The Herald/ Submitted Photo)

Government accountability has been a hot issue for many politicians and Sevier County’s U.S. Representative is calling for an audit of the largest financial institution in the nation.

U.S. Representative Phil Roe, who represents Sevier County, is one of 319 cosponsors of the Federal Reserve Transparency Act (H.R. 459) which seeks to audit the Federal Reserve.

“Openness and transparency have been victims in government proceedings, especially when it comes to the financial crisis,” Roe said in a statement regarding his vote for the audit. “That is why I am proud to cosponsor and support passage of the Federal Reserve Transparency Act because this legislation will allow a much needed audit of the Federal Reserve.”

The Federal Reserve is the central banking system of the United States. It was created in 1913, largely in response to a series of financial panics. Since the creation of the Federal Reserve, the consumer index value of the dollar has decreased by 95 percent.

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