Some people are not enamored of the Fed, the independent government bureau that determines the nation's financial policy and sets interest rates. The House of Representatives has just approved a stringent bill to audit the Fed, though it isn't likely to go anywhere.
More support for federal reserve audit
Everybody in the country, and most throughout the world, are affected by the Federal reserve and has been since 1913 when it was created. Whenever you get installment loans, mortgages and borrow other cash, the fed controls that. The expenses of lending money are controlled. It also controls how much a dollar is worth adjusting inflation depending on the things it does.
A ton of legislators and citizens have asked that the Federal reserve be audited, which is why a new bill is being considered that would require the Fed to open its book up to the public. It is an "independent government agency" technically meaning that it is part of the government but is a private business still.
Approved in House
The Federal reserve has been criticized by Ron Paul of Texas for some time, which is why he sponsored the bill which approved 327 to 98 in the House of Representatives. ABC points out that the House is ready for more government agencies to show their finances.
The bureau has been taking care of finances by publishing its balance sheet every week and by getting internal audits complete yearly. Deloitte and Touche was the firm that did the most recent audit, according to CNN. One issue is that it takes way too long to get records from meetings where the agency decides to increase inflation. It takes three weeks to release meeting minutes and five years for transcripts to come out. The bill is being put together to allow instant access to the policy decisions, specifically those relating to cash.
Federal reserve chairman Ben Bernanke not okay with it
Congress might end up controlling the Fed if the brand new Audit the Fed law is passed; Federal reserve Chairman Ben Bernanke is worried about, according to Bloomberg. This could trigger a lot of corruption and manipulation of the Fed, which is a huge concern for Bernanke. He has no issue with more transparency in finances though.
The bill is not likely to pass in the U.S. Senate. Bloomberg quoted Representative Barney Frank as saying "no one here expects it to become law."
More support for federal reserve audit
Everybody in the country, and most throughout the world, are affected by the Federal reserve and has been since 1913 when it was created. Whenever you get installment loans, mortgages and borrow other cash, the fed controls that. The expenses of lending money are controlled. It also controls how much a dollar is worth adjusting inflation depending on the things it does.
A ton of legislators and citizens have asked that the Federal reserve be audited, which is why a new bill is being considered that would require the Fed to open its book up to the public. It is an "independent government agency" technically meaning that it is part of the government but is a private business still.
Approved in House
The Federal reserve has been criticized by Ron Paul of Texas for some time, which is why he sponsored the bill which approved 327 to 98 in the House of Representatives. ABC points out that the House is ready for more government agencies to show their finances.
The bureau has been taking care of finances by publishing its balance sheet every week and by getting internal audits complete yearly. Deloitte and Touche was the firm that did the most recent audit, according to CNN. One issue is that it takes way too long to get records from meetings where the agency decides to increase inflation. It takes three weeks to release meeting minutes and five years for transcripts to come out. The bill is being put together to allow instant access to the policy decisions, specifically those relating to cash.
Federal reserve chairman Ben Bernanke not okay with it
Congress might end up controlling the Fed if the brand new Audit the Fed law is passed; Federal reserve Chairman Ben Bernanke is worried about, according to Bloomberg. This could trigger a lot of corruption and manipulation of the Fed, which is a huge concern for Bernanke. He has no issue with more transparency in finances though.
The bill is not likely to pass in the U.S. Senate. Bloomberg quoted Representative Barney Frank as saying "no one here expects it to become law."
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