Making Government Operations More Open

Transparency of Federal Reserve

The Federal Reserve is exempt by 1978 Fed. Banking Agency Audit Act from many forms of auditing, esp. on transactions with foreign banks and on any decisions regarding monetary policy.

Can you please open the books of the Federal Reserve, especially on foreign transactions and monetary policy?

Or look into to House of Representatives bill "H.R. 1207" that directly calls for the repeal of those GAO restrictions.

Why Is This Idea Important?

The creators of the Fed said they wanted the Fed to be independent of politics, so therefore it is semi-independent and therefore does not need to be audited. This is a hypocrisy of government, because a government created the Fed and then made it a secret claiming to keep it out of politics. Politicians make policy--therefore, the people at the Fed are indeed politicians. They were not elected, yet they have the power to control money supply. They are policy makers in effect, and so they must be audited and accountable like every other policy maker in government.


70 votes
Idea No. 384