Thursday, May 13, 2010

Controlling the Federal Reserve

I always thought Congress had oversight over the Federal Reserve System. But I guess I was wrong. A bill has passed the House that will allow an audit of the Fed's activities. The Senate introduced weaker version that is supported by Obama and the Fed.

I'm no big fan of Congress right now, but does no one have oversight over the people who control our money, other than Congress approving appointments and hearing the Fed's own report?

Rep. Ron Paul (R-TX) is pushing for the stronger House version.


Fam Guy said...

The Fed Res has an interesting and kinda scary history. Someone (Jefferson?) said, 'whoever controls the money controls the gov't' and it seems the Fed was created just for that purpose. Am gonna look into it again. I remember it surprised and shocked me, last time I did.

Fam Guy said...

Pretty good explanation, here.