I think I’m in favor of this. Any reduction in the secrecy and power of the Fed is a good thing. Just not sure if it will expose just how many amateur academics are sitting on that committee and tank the dollar even more in that light. I’m ashamed of them. Really poor decisions by congress in the past.
In a recent Straight Talk commentary, Rep. Paul wrote, “Claims are made that auditing the Fed would compromise its independence. However, by independence, they really mean secrecy. The Fed clearly cherishes its vast power to create and spend trillions of dollars, diluting the value of every other dollar in circulation, making deals with other central banks, and bailing out cronies, all to the detriment of the taxpayer, and to the enrichment of themselves. I am happy to challenge this type of ‘independence.'”
via Momentum builds toward possible end of this U.S. agency.