Repeal

HR 1207, the bill to force a full independent audit of the Federal Reserve, now has over 300 co-sponsors. I wonder why people think 300 legislators are working to compel an audit of an institution that some claim they already control?

Wray: "(The Fed ) is a creature of Congress."

Ben Bernanke, in an op-ed in the Washington Post, 11/09: "Now more than ever, America needs a strong, nonpolitical and independent central bank with the tools to promote financial stability and to help steer our economy to recovery."

Unless I'm missing something, the crown jewel of our political system ( for better or worse ) is the US Congress. How can a political animal like Congress be credited with controlling a central bank that Ben Bernanke calls 'nonpolitical' and 'independent'?

  The Congress can repeal the Federal Reserve Act, just like it can cancel contracts with other corporations like Blackwater or Halliburton. But it does not hold ( or claim to hold ) a supervisory role over the Fed while the Federal Reserve Act is law. Even getting a legitimate audit of this corporation has been a struggle that has lasted decades.