Should the GAO Audit the Fed? A Cato-CMFA Forum
ByEver since Ron Paul first introduced it in 2009, the “Federal Reserve Transparency” Act, calling for the elimination of the Federal Reserve System’s exemption from certain kinds of GAO audits, has been the subject of vigorous debate between proponents of greater government accountability and champions of an independent Federal Reserve.
But that debate has for the most part produced more heat than light, with hyperbole on both sides obscuring rather than shedding light on the debate’s central questions—questions like, “What could the proposed Fed Audits possibly reveal that existing audits and Fed testimony do not?,” and “To what extent would such audits pose a threat to the Fed’s independence?”…
Should the GAO Audit the Fed? A Cato-CMFA Forum
