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<p>[QUOTE=&quot;fatima, post: 999111, member: 22143&quot;]Sure, but testifying at congress isn&#039;t oversight.&nbsp; One more time, the Federal Reserve was designed specifically not to have it&#039;s monetary operations subject to Congressional oversight.&nbsp;&nbsp; I realize this it difficult to understand, but the Federal Reserve has published a paper on it. The relevant part is here:<blockquote><p>The dictionary defines independence as being free from the influence,&nbsp; guidance, or control of another or others.&nbsp; <b>As applied to central banks,&nbsp; that translates into being free from the influence, guidance, or&nbsp; control of the rest of government, meaning both the executive and&nbsp; legislative branches in the United States.&nbsp; </b>The relevant article is <a href="http://www.federalreserve.gov/boarddocs/speeches/2000/20001024.htm" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.federalreserve.gov/boarddocs/speeches/2000/20001024.htm" rel="nofollow">http://www.federalreserve.gov/boarddocs/speeches/2000/20001024.htm</a></p><p><br /></p><p><br /></p></blockquote><p>Notice that he did not mention the Judicial branch, because Congress can&#039;t create an institution that is not subject to the decisions of the Judicial branch of congress.&nbsp; So practice has been over the decades, as I said earlier, to avoid having any monetary legislation tested in the court system.&nbsp;&nbsp; As I also said earlier, Congress has ultimate authority over the FR as they can dissolve it.&nbsp; But they have no intention of doing so because it allows them to avoid the restrictions of the US Constitution over money.</p><p><br /></p><p>At the moment, the GAO can&#039;t audit the monetary operations and decisions of the Federal Reserve.&nbsp; What you posted is not the same thing.&nbsp;&nbsp; There was an attempt to put a provision into the Financial Reform act to allow the GAO to audit the fed, but it was eventually stripped out (Dodd and Frank didn&#039;t want it there), and instead what was decided was a one time audit over decisions made 6 months prior.[/QUOTE]</p><p><br /></p>

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