As I have been saying here, the "Audit the Fed" bill is nothing more than an attempt to weaken the Fed's independent role in monetary policy matters. Now Senator Warren agrees:
Sen. Warren Opposes ‘Audit the Fed’ Bill
Sen. Elizabeth Warren (D., Mass.), a member of the Banking Committee and an outspoken critic of the Fed’s oversight of big banks, said she does not support Mr. Paul’s proposed legislation, which she said could have “dangerous” implications for monetary policy.
http://www.wsj.com/...
For a succinct explanation see her most recent quote:
“I strongly support and continue to press for greater congressional oversight of the Fed’s regulatory and supervisory responsibilities, and I believe the Fed’s balance sheet should be regularly audited – which the law already requires,” Ms. Warren said in an emailed statement. “But I oppose the current version of this bill because it promotes congressional meddling in the Fed’s monetary policy decisions, which risks politicizing those decisions and may have dangerous implications for financial stability and the health of the global economy.”
The Fed is routinely audited by an independent auditor - Deloitte & Touche.
Fed audit - http://www.federalreserve.gov/...
(warning - boring .pdf file of audit linked)
Thank you, Senator Warren. I can't imagine a worse decision than letting Congress (who cannot pass a decent fiscal policy) meddle in monetary policy.
The Fed also thanks you:
On Tuesday, Richmond Fed President Jeffrey Lacker joined the chorus. “If you look at the nuts and bolts of what it really does, it facilitates high-frequency harassment of our decision-making process, our monetary policy decision-making process,” he told reporters in Raleigh, N.C. “I don’t think anyone would view that as a constructive approach to oversight of any other agency, and certainly not one as important as the Federal Reserve.”
I am glad we agree!