Does anyone audit the federal reserve

Accordingly, fair values, earnings, and gains or losses resulting from the sale of such securities and currencies are incidental to the open market operations and do not motivate decisions related to policy or open market activities. In addition, the Reserve Banks do not present a Statement of Cash Flows because the liquidity and cash positions of the Reserve Banks are not a primary concern given the Reserve Banks' unique powers and responsibilities.

Other information regarding the Reserve Banks' activities is provided in, or may be derived from, the Combined Statements of Condition, Operations, and Changes in Capital. Search Submit Search Button. Toggle Dropdown Menu. Search Search Submit Button Submit. I have not always agreed with the conclusions of GAO, but I have never felt as if such disagreements were the result of politics or bias. It is a creature of Congress. Yet in recent years the Fed has coordinated its actions quite closely with the Treasury Department, eroding any real independence.

And the same could be said about the revolving door between Wall Street and the Fed. A GAO audit, rather the hampering independence, could shine a light on these relationships, helping to insulate the Fed from continued interference by the Treasury Department and undue influence from big banks. The Audit the Fed debate is really about informed Congressional oversight.

GAO provides information on complex government issues and problems. Live Now. When it all fell apart, it fell apart in a spectacular fashion, taking down not only Wall Street but also Main Street, including ordinary families who walked away from homes that suddenly were worth less than they owed for them.

For many, the American dream went up in flames. Shouldn't the Federal Reserve, which is tasked with overseeing banks, have noticed that someone was playing with matches? Former Federal Reserve Chairman Ben Bernanke recounted in his memoirs the measures he felt had to be taken in order to avert further disaster. That's the level of power that the Federal Reserve wields. It is its own bagman. Clearly, some amount of transparency is needed through the experienced eyes of the Government Accountability Office.

For nearly a century, the independent GAO has sifted through paperwork and computer spreadsheets that track government spending.

Again, the GAO is completely independent. These are the people who keep calculators and freshly sharpened pencils in their shirt pockets. They care about numbers, not politics. The GAO should audit the Federal Reserve, because the best way to resist temptation is a proper upbringing, a strong set of values — and witnesses.