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Can the Fed Do That?

The answer is probably no.

And you’ll get a kick out of this:

The Board is audited annually by a major public accounting firm. In addition, the Government Accountability Office (GAO) generally exercises its authority to conduct a number of reviews each year to look at specific aspects of the Federal Reserve’s activities. The audit report of the public accounting firm and a complete list of GAO reviews under way are available in the Board’s Annual Report, which is sent to Congress during the second quarter of each calendar year. Monetary policy is exempt from audit by the GAO (emphasis MRJ) because it is monitored directly by Congress through written reports, including the semiannual Monetary Policy Report to the Congress, prepared by the Board of Governors.

More here on the Fed’s function. This is the Congress responsible for running hundreds of billions of dollars of annual budget deficits, that refuses to do anything to shore up the problems with government entitlement programs, the same Congress that can’t resist massive displays of pork-barrel favoritism, the same Congress that … (insert item here)

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