Fed Reserve Bank needs to be audited too

Fed Needs to Be Audited Regularly

I heard Mr. Meliton Salazar talk about integrity and ethical behavior in public offices last week. He said the Rotarian 4 way test should be a litmus paper behavior in govt offices.   He said that while in Monetary Board,  CB required banks to have audit committee in their boards.  However, he noted that there was no audit dept nor audit committee in  CBP (still CBP during his time)

In the US time has come to audit the US Central Bank.  A piece of legislation was passed and approved by US Congress, The US Federal Reserve Bank Transparency Act of 2009, but has stalled in US Senate for the past 3 years.

The first audit of Fed Reserve Bank  by GOA was made in 2009 as compliance to the Dodd- Frank Wall St Reform and Consumer Protection Act

In 2011, Levi Institute of Economics has calculated the total liquidity provided by Feds to the bank to be in the order to of $29 trillion. and that includes loans, asset purchases, and guarantees. 

Another showdown; Sen Rand Paul to block Obama nominee to Fed, unless  Harry Reid allows audit the Fed vote