[JumpCrisscross]

> they will not entertain a thorough audit

The Fed is audited by the GAO, the OIG, outside auditors, and its Board [1]. Its balance sheet is published weekly and closely scrutinized by the investing public as well as every bank.

> they fight inflation ruthlessly too the detriment of employment

The Fed has a dual mandate. Its post-crisis journey has been one of trying to stoke inflation.

[1] https://www.federalreserve.gov/faqs/about_12784.htm

[cconroy]

You're right when I used the word I was referring to "Audit the Fed" slogan à la Bernie Sanders & Ron Paul. The bill in question that was striked down is here [0].

The bill's purpose

> ...If enacted, the bill would also have ensured that the

> audit results would be available to Congress. The audit

> would include the Fed's "discount window", its funding

> facilities, its open market operations, and its agreements with foreign bankers. [1]

[0] https://en.wikipedia.org/wiki/Federal_Reserve_Transparency_A...

[1] https://en.wikipedia.org/wiki/Federal_Reserve_Transparency_A...

[JumpCrisscross]

> audit results would be available to Congress

This would effectively end the Fed's political independence. Agreements with foreign bankers seems acceptable, though even then it would be better to release it to a committee after a delay.

[dragonwriter]

> Its post-crisis journey has been one of trying to stoke inflation.

Well, “avoid deflation” would probably be more strictly accurate.

[AnimalMuppet]

The problem is that they're a gnat's whisker away from deflation. They want to stoke (some) inflation to give them a bit more maneuvering room.