WSJ explains Audit the Fed Bill

A good explanation of the Audit the Fed Bill from the Wall Street Journal point out the bill will give the government the power to audit the most important activities of the Fed.

“The GAO can’t review most of the Fed’s monetary-policy actions or decisions, including discount-window lending (direct loans to financial institutions), open-market operations and any other transactions made under the direction of the Federal Open Market Committee, the policy group that sets interest rates. The GAO also cannot look into the Fed’s transactions with foreign governments, foreign central banks and other international financing organizations.”

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