Should the Federal Reserve be audited by the GAO?

Actually it already is.





The GAO was granted authority to audit the Federal Reserve from the :"Federal Reserve Audit Act of 1978" (http://www4.law.cornell.edu/uscode/31/71鈥?/a> ), Since then, they conduct dozens of audits each year.





You may be asking in relation to HR 1207. This law would remove some restrictions in the 1978 law on the GAO, specifically:





(1) transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization;


(2) deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations;


(3) transactions made under the direction of the Federal Open Market Committee; or


(4) a part of a discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to clauses (1)鈥?3) of this subsection





The purpose of these restrictions obstensibly is to prevent congress from politicizing monetary policy. Whether this is good or bad is at the heart of the debate on HR 1207.|||Not only should it be audited, but it should be abolished. Congress has the right, and the responsibility to print our own money. The Federal Reserve is nothing more then a private company of international bankers that print money out of thin air and 'loans' it to the government at interest.


Every U.S. citizen should be outraged that our monetary system was hijacked and now we are 'slaves' to the International banking cartel. It is no coincidence that the same year The Federal Reserve was put in place so was the Federal Income Tax.