The governors of the Federal Reserve are in a panic deeper than the ones they supposedly are protecting us from. This week, a few of the financial wizards at the Fed came out to tell the American public why they are against an audit of the Federal Reserve’s monetary policy decisions—and why you should be too.
Dallas Fed Chief Richard Fisher said on Monday that the Fed is already "audited out the wazoo.” He wasn’t, of course, referring to the kind of audits that proponents of the “Audit the Fed” bills (S. 264/H.R. 24) actually want—audits of the board’s monetary policy decisions. Rather, he was likely referring to the annual audits of the bank’s financial statements, which are conducted by the General Accountability Office. Philadelphia Fed Chief Charles Plosser went out of his way to slam the bill on Monday, too.