Last edited Wed Jan 13, 2016, 02:44 PM - Edit history (1)
...do you believe in an independent Federal Reserve?
Do you want Congress micromanaging monetary policy?
Aren't there already an number of 'audits' of the Fed?
the Federal Reserve System as a whole are all subject to several levels of audit and review:
The Government Accountability Office (GAO) conducts numerous reviews of Federal Reserve activities.
The Board's financial statements, and its compliance with laws and regulations affecting those statements, are audited annually by an outside auditor retained by the Office of Inspector General (OIG).
The Board's OIG audits and investigates Board programs and operations as well as those Board functions delegated to the Reserve Banks. Completed and active GAO reviews and completed OIG audits, reviews, and assessments are listed in the Board's Annual Report. (Before 2002, the reviews were listed in the Board's Annual Report: Budget Review.)
The financial statements of the Reserve Banks are also audited annually by an independent outside auditor.
Each week, the Federal Reserve publishes its balance sheet and charts of recent balance sheet trends, as well as provides an interactive guide to the Fed's balance sheet. The balance sheet is included in the Federal Reserve's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks."
In addition, the Reserve Banks are subject to annual examination by the Board. The Board's financial statements and the combined financial statements for the Reserve Banks are published in the Board's Annual Report.
here's Bernie remarking on an audit in 2011:
Thursday, July 21, 2011
The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study.
more: http://www.sanders.senate.gov/newsroom/press-releases/the-fed-audit
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