For decades, the Federal Reserve of the United States Government has been ignoring Freedom of Information requests (FOIA), even finding and using loopholes to get around such requests from citizens, in regards as to how the world's most powerful financial institution conducts its business.
Nearly everything about the Federal Reserve remains a carefully and closely guarded secret. Yet, despite repeated requests from officials aware of its unscrupulous nature, the FED refuses to open its doors, let alone its financial books, to those stakeholders who dutifully claim the rights to know more: the U.S. citizenry.
For years, proponents of transparency have made repeated attempts to force the FED to operate with at least the same level of transparency with which the Congress operates to no avail. However, that could soon change.
The latest bill to hold the FED accountable was
approved by the Republican-controlled Committee on Oversight and Government Reform on Tuesday. This bill began under former Congressman Ron Paul's term and is being pushed through by his son.
As
Market Watch reports, analysts said the measure has a better chance to become law now that Republicans control both houses of Congress and the White House. Paul's son, Rand, the Republican senator from Kentucky, has introduced a similar measure in the Senate.
Proponents of auditing the FED say the central bank wields too much power, operates in near total secrecy, and is accountable to no one. Only an "outside auditor" employed by the FED is allowed to audit the FED's books, not the government itself.
Comment: And so it goes in The Great Game.