Friday
July
31
2015
3:49 am
Weather

  Home
  Local News
  State / National / World
  Sports
  Opinion / Letters
  Business
  Arts / Entertainment
  Lifestyle
  Obituaries
  Calendar
  Submit Event
  Comics / Games
  Classifieds
  DJ Designers
  Archives
  Advertise With Us
  About Us
 
 
 
 
Federal Reserve needs more transparency
March 17, 2014, 05:00 AM The Augusta (Ga.) Chronicle

Audits are a fundamental tool to hold government and quasi-government entities accountable.

Without thorough examination by independent parties, citizens would have to rely on the agency’s word that its operations and accounting are above-board.

When it comes to the activities of the Federal Reserve, the nation’s central bank, verbal assurances just aren’t good enough.

Thankfully, momentum is building for legislation to enable the General Accountability Office to audit the Fed, something that has not happened in the 100 years since it was created to set monetary policy.

The bipartisan Federal Reserve Transparency Act passed the House late last year. A similar bill co-sponsored by Sen. Rand Paul is making its way through the Senate. The Kentucky Republican’s father, former Rep. Ron Paul of Texas, a longtime Federal Reserve critic, tried unsuccessfully to get similar bills passed.

Though the proposed legislation provides no specifics about the scope of the audit, there already is substantial pushback from former and current Fed officials, who are used to doing most of their work in secret. Officials fear, for example, that their closed-door Federal Open Market Committee will be subject to “second guessing.” Transcripts of deliberations are released five years after the fact to shield members from political blowback arising from policy decisions.

When government is nervous about openness, it should make everybody nervous.

We hardly would advocate micromanaging Fed operations, but there should be significant oversight. Deciding how much money enters the economy, and under what terms, are critical Fed responsibilities that should be better monitored.

We need increased transparency at the Federal Reserve. Considering its massive influence over the U.S. economy, its bureaucratic movements cry out for consistent oversight. That’s something all citizens should approve of, regardless of where they fall on the political spectrum.

Government simply can’t be trusted to watch itself, and neither should its biggest bank.

 

 

Tags: federal, should, reserve, government,


Other stories from today:

 

 
Print this Page Print this Page  |  Bookmark and Share
<< Back
 
Return To Archives
 
  


 
 
 
Daily Journal Quick Poll
 
Do you think cities and the county should regulate services like airbnb that rents out rooms and homes?

Yes, homes are not hotels
No, let the free market be
Maybe a little to make sure people using the service are legit
Not sure

 

 
 
 
 
 
 
 
Crews battle fast-moving fire in California's Lake County
LOWER LAKE, Calif. — A fast-spreading wildfire in Northern California's Lake County has destroyed ..
Greek leader seeks to quash rebellion with party vote
ATHENS, Greece — In a bid to consolidate his political support and complete a crucial bailout with..
Confederate flags placed at Ebenezer church near MLK Center
ATLANTA — Four Confederate battle flags were found on the grounds of the Ebenezer Baptist Church n..
India hangs only man sentenced to die for 1993 Mumbai blasts
NEW DELHI — Ignoring pleas and petitions by civil society groups, India on Thursday hanged an acco..
More >>  
 
 
  
 
  
 
©2015 San Mateo Daily Journal
San Mateo County events