FT.com – Fed warns on Congressional scrutiny — Now ask yourself who is really in charge. This is going to blow up into a scandal. If they didn’t want the audit, the could have stonewalled. This is a bad idea.
The Federal Reserve warned on Thursday that a growing congressional threat to curtail its independence would destabilise markets and raise the cost of servicing US debt for “current and future generations”.
Ron Paul, the Texas Republican, has gathered the support of a majority of the House of Representatives for a bill that would audit the Fed’s monetary policy decisions. He told a Congressional hearing he wanted the power to prevent the Fed being “secret and clandestine and serving special interests”.
Found by Aric Mackey.
The Fed needs to be audited in order for us to see what mistakes it is making and what harm it is causing so Congress can put a stop to it. Ron Paul was not asking for Congress to gain control of monetary policy, he just wants more transparency in the Fed so people will know what they are up to.