Letter from Mr. Joseph H. Williams, President, The Williams Companies, Tulsa, OK and attached letter from Mr. William McChesney, Jr., both regarding the General Accounting Office

Joe Williams wrote a letter to Congressman James R. Jones expressing his concerns about H.R. 10265, a bill that would give the General Accounting Office (GAO) audit responsibilities over the Federal Reserve. Williams believes this would compromise the independence of the Fed and is urging Congressman Jones to oppose the bill. He also mentions an amendment that may address some of his concerns and includes a letter from William McChesney Martin, Jr. supporting his position. Martin, a former Federal Reserve official, also opposes the bill, stating that the Fed is already audited thoroughly by reputable firms and additional oversight could have negative effects on monetary policy.