Congressman Thomas Massie has put forth a bill to conduct a congressional audit of the Federal Reserve’s monetary policy. On Tuesday, it was approved by the House Committee on Oversight and Government Reform after less than half an hour of debate.
Good on them.
Massie’s bill would provide needed transparency to an institution that’s long been shrouded in mystery. The Federal Reserve implements monetary policy and interest rates, but for decades it has kept much of its operational policies secret. While the Fed is subject to GAO audits, it refuses to disclose the inner workings of its financial and monetary policies, publishing transcripts of policy meetings only after five years.
I’m still not going to hold my breath.