I want to be completely clear that I strongly oppose 'Audit the Fed.'
Sentiment: NEGATIVE
Audit the Fed is a bill that would politicize monetary policy, would bring short-term political pressures to bear on the Fed. In terms of openness about our financial accounts, we are extensively audited.
Obviously, I haven't succeeded in defusing the political concerns about the Fed.
The Fed's policy choices can always be debated, but the quality and commitment of the Federal Reserve as a public institution is second to none, and I am proud to lead it.
Federal Reserve officials have stressed the importance of the Fed's independence. But such independence does not mean that it is immune from Congressional oversight.
The Fed's independence is critical.
There's no federal government agency that ought to be immune from having to explain the potential financial impact of an action they've taken or intend to take. We deserve the specifics.
The power to investigate is a great public trust.
It's important for the Fed, hard as it is, to attempt to detect asset bubbles while they're forming.
I feel an independent accountability commission should audit all government services.
The details of what the Fed did were kept secret until a provision in the Dodd-Frank Act that I sponsored required the Government Accountability Office to audit the Fed's lending programs during the financial crisis.