Given the Federal Reserve's large role in our country's financial wellbeing, prosperity and direction, a yearly audit by an unaffiliated third party is necessary. When government oversight of third party contractors is neglected, the worst tendencies of capitalism are revealed: corruption, financial incompetence, and a skirting of even the most minimal requirements.
A public audit is definitely necessary for the Federal Reserve. The Federal Reserve lacks the accountability it needs to prove to the American citizens that it is running effectively, efficiently, and with proper financial accountability. A public audit would be what the Federal Reserve needs to show it is doing what it is supposed to do. There is not enough oversight to ensure America that the Federal Reserve is spending money the way it should be.
To think that there is still such a powerful organization run by one man and many banks is absurd. Nobody really knows what the true inner workings of the Fed are because it is a public, government institution still influenced by private banks. We need a public audit to determine that everything is on the up and up.
Yes, Federal Reserve needs a public audit. We want to know. American people should know exactly how their money is being spent by Washington. American people should know why the economic growth is still tepid, why there was a financial crisis in 2008, why the household are not strong. American people need to see what has been going on.