Ben Bernanke, Chairman of the Federal Reserve, doesn’t think it is a good idea to audit the Fed. Speaking Monday he said,
… the Fed chairman also took a moment to repeat his objections to a bill in the House to audit the Fed. Much as he said during his confirmation hearing, Bernanke stressed periodic audits of monetary policy would subject those important decisions to undue political pressures.
“The Fed Reserve fully agrees the Congress should have access to all of our financial transactions …” he said. “Our concern would be that we would take some action on monetary policy that would be unpopular in certain quarters, and Congress, by taking some action with that audit, would [be able to overturn them].”
If just knowing what the Fed is doing would subject the Fed to “political pressure” then what they are doing must be pretty darn alarming.
A lot of money is at stake here. The American People have a right to know what is going on.
Campaign for America’s Future says, Before You Appoint Ben, Audit Ben!
I am a Fellow with Campaign for America’s Future.