Ryan Grim of the Huffington Post reports that the Treasury Department does not want its partner, the Federal Reserve, to undergo a thorough audit by the GAO.
Asked whether he supports the House-passed measure to open the Fed to an audit, which was cosponsored by Reps. Alan Grayson (D-Fla.) and Ron Paul (R-Texas), a senior Treasury official said he is intensely opposed to it.
The official said the measure would undermine the independence of monetary policy and could restrict the ability of the Fed to act in times of crisis. He said that the GAO already has audit authority and that the chairman routinely testifies before Congress.
Congressman Alan Grayson, a cosponsor of HR 1207, responds to the criticism that a thorough audit would undermine the Federal Reserve’s independence:
The idea that the Fed’s mission would be undermined by an audit, said Grayson, “is a scarecrow erected by people who want to cover up the actions of the Fed for their own purposes, including those who actually have worked at part of the Fed, to prevent accountability at any cost.”
“Fed Audit Bitterly Opposed By Treasury”
Ryan Grim of the Huffington Post reports that the Treasury Department does not want its partner, the Federal Reserve, to undergo a thorough audit by the GAO.
Congressman Alan Grayson, a cosponsor of HR 1207, responds to the criticism that a thorough audit would undermine the Federal Reserve’s independence:
Read the rest here.