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Wednesday, July 25, 2012

Audit the Fed

Just wondering what the YA community thinks about the "Audit the Fed" bill that passed the House today. I have three thoughts:

1) I'm generally in favor of transparency.

2) I wonder if something like this would cause the Fed to make decisions based on politics rather than economics.

3) I don't know anything about money or monetary policy. I'm just a young, liberal-ish, half-hippie who tries not to spend money he doesn't have.


  1. I agree.

    Also the Federal Government should present budgets and networth statements that reflect the unfunded obligations that they have placed on the back of the future.

    What do you think are the chances?

  2. I did a quick search for articles on the internet regarding this topic and did not find the answer I was looking for. All banks in the Federal Reserve System are subject to internal and external audits. Does anyone know what concerns the House has in conducting an additional audit by the GAO?