The Constitution (Article 1, Section 8) gives Congress power “To coin money, regulate the value thereof”.
Why, then, is the Federal Reserve printing money and regulating banks?
Why, then, has Congress NEVER conducted a complete audit of how much has been printed and where it has gone?
Wikipedia reports that the Federal Reserve systems.. undergo regular audits by the 
GAO and an outside auditor. GAO audits are limited and do not cover “most of the Fed’s monetary policy actions or decisions, including discount window lending (direct loans to financial institutions), open-market operations and any other transactions made under the direction of the Federal Open Market Committee”
What good, then, is an audit?
The Fed is NOT an agency of the government. It was created by the Federal Reserve Act in 1913. The three stated objectives were to create maximum employment, stable prices, and moderate long-term interest rates. Over time, Congress has continued to expand the authority of the Federal Reserve without genuine accountability to anyone.
Since the creation of the Federal Reserve, the U.S. dollar has lost nearly all of its original value. If you paid one dollar for something in 1913, it would cost you about $24.00 today.
The Federal Reserve reportedly made 16.1 trillion dollars in loans to the big banks during the last financial crisis. It then paid those big banks $659.4 million in administration fees to service those loans. At the same time, European banks were allowed to borrow an unlimited amount of money from the Federal Reserve at ultra-low interest rates.
Let’s not even begin the conversation about how much money is “missing”.
Government overspending is facilitated by the Federal Reserve, which gleefully prints more money with which to “buy” our debt, which further devalues the resources of every American (their dollars). That puts Congress in the position of co-conspirator in that, without the creation of “more dollars” by the Fed, they (Congress) would have to curtail spending. Cozy, don’t you think? That is why there will not likely be any serious and complete audit of the Federal Reserve.
The Federal Reserve should be totally accountable to Congress. But then, that would require Congress to be accountable to the people and responsible with spending.
Audit the Fed.
***Gordon Howie is an author and CEO of Life and Liberty Media***
“It’s not about right or left, it’s about Right or Wrong.”
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