A small, but increasing, number of individuals are not thrilled with the workings or indeed existence of the Fed. The country's central bank does, after all, set financial policy and figure out the expenses of offering credit for banks. However, a bill that would authorize Congress to audit the Federal reserve has just passed the House of Representatives.
Get audit getting support
The Federal reserve controls how much a dollar is worth and the money it takes for a bank it lend mortgages, installment loans and more. It was produced in 1913 and affects daily life regularly with its control of lending and inflation. Many people do not realize how much it impacts their life every single day.
The Federal reserve is also one of the many "independent government agencies." In other words, it's a private company that is part of the government. Some think not enough data is made publicly available by the Fed about its dealings, which has led to many legislators and citizens calling for a bill that would audit the Federal reserve, or rather force the bureau to open its books entirely to scrutiny.
House of Representatives decision
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 additional government agencies to show their finances.
The agency 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, particularly those associated with money.
Issue with audit
Congress might end up controlling the Fed if the new Audit the Federal reserve law is approved; Fed Chairman Ben Bernanke is worried about, according to Bloomberg. This could trigger a lot of corruption and manipulation of the Fed, which is an enormous concern for Bernanke. He has no issue with more transparency in finances though.
Representative Barney Frank does not think the law will go anywhere, according to Bloomberg, and it will most likely not become the law.
Get audit getting support
The Federal reserve controls how much a dollar is worth and the money it takes for a bank it lend mortgages, installment loans and more. It was produced in 1913 and affects daily life regularly with its control of lending and inflation. Many people do not realize how much it impacts their life every single day.
The Federal reserve is also one of the many "independent government agencies." In other words, it's a private company that is part of the government. Some think not enough data is made publicly available by the Fed about its dealings, which has led to many legislators and citizens calling for a bill that would audit the Federal reserve, or rather force the bureau to open its books entirely to scrutiny.
House of Representatives decision
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 additional government agencies to show their finances.
The agency 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, particularly those associated with money.
Issue with audit
Congress might end up controlling the Fed if the new Audit the Federal reserve law is approved; Fed Chairman Ben Bernanke is worried about, according to Bloomberg. This could trigger a lot of corruption and manipulation of the Fed, which is an enormous concern for Bernanke. He has no issue with more transparency in finances though.
Representative Barney Frank does not think the law will go anywhere, according to Bloomberg, and it will most likely not become the law.
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