Reply #4: For the basic reason outlined [View All]

[zipplewrath]

A loss of control.

The Fed makes decisions about monetary policy, and they don't want that process open to the public. For many of the obvious reasons, but also because they don't need people attempting to influence the process through manipulation of the markets or the data. They also have data which would expose the health (or lack thereof) of banks and their overall business strategies. Those businesses would be less open with the Fed if they knew the information would soon be "public".

It is a bit of a stretch to say the Fed has never been audited. It is audited regularly. It is merely the case that there are certain areas not open to the auditors. So it is not a COMPLETE audit. Someone probably ought to add to the bill that the audit can remain confidential, or otherwise "secret" in the same manner that so much other information in government has distribution restrictions on it. That should answer most of the administrations concerns.