For nearly 100 years the Federal Reserve has operated largely in the shadows. The Fed’s monetary policy operations, including open-market operations and agreements with foreign governments and central banks, are exempt from audit by the Government Accountability Office.
Congress itself never delves into these areas in the limited time it has during the Fed chairman’s semiannual appearances before the House Financial Services Committee, and any pointed questions are evaded. Former Fed Chairman Alan Greenspan was adept at this — his “Greenspan-speak” was legendary — but Chairman Ben Bernanke is no slouch, either, at giving vague and nonresponsive answers to direct questions.
While I oppose giving the Fed any additional power,
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