What once seemed like just another in a long list of crazy Ron Paul ideas now has the backing of Barney Frank — regular auditing of the Federal Reserve. After its contributions to the 2008 financial crisis, its lax oversight of its own bailout help, and President Obama wanting to give it even more powers, this is an essential idea.
But, but, but, … the devil is hugely in the details.
Does the audit only include “the Fed,” for example? Or does it cover the 12 regional Feds? After all, it was the NY Fed, under Obama’s worst Cabinet choice, Treasury Secretary Tim Geithner, and not “the Fed,” that was a major contributor to the financial meltdown. If at least the NY Fed isn’t under the audit scrutiny, then it’s still pretty weak tea.
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