A Quote by Janet Yellen
Audit the Fed is a bill that would politicize monetary policy, would bring short-term political pressures to bear on the Fed. In terms of openness about our financial accounts, we are extensively audited.
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This is very intriguing to think we should audit the Fed, but I discovered that probably if they audited the Fed, it would get a clean bill because it's undoubtedly doing exactly what it's supposed to do according to the law.
The details of what the Fed did were kept secret until a provision in the Dodd-Frank Act that I sponsored required the Government Accountability Office to audit the Fed's lending programs during the financial crisis.
In a financial crisis, only the Fed, as the lender of last resort, might stand between our economy and financial catastrophe. We must leave the Fed with the flexibility to provide liquidity in order to stop a financial panic.
Quantitative easing is just the latest chapter in the Federal Reserve’s hundred-year history of failure. (...) The American people have suffered long enough under a monetary policy controlled by an unaccountable, secretive central bank. It is time to finally audit - and then end - the Fed.
At the present moment the people of England are only three-quarters fed, and the result of this improvement in the export of our manufactures would be, that they would be entirely fed.
The Fed's organization reflects a long-standing desire in American history to ensure that power over our nation's monetary policy and financial system is not concentrated in a few hands, whether in Washington or in high finance or in any single group or constituency.
And we have a Fed that's doing political things. This Janet Yellen of the Fed. The Fed is doing political - by keeping the interest rates at this level.
I remember being 18 and being fed up with everything - fed up with society, fed up with the political system, fed up with myself - and then you kind of go, 'Actually, this voting thing is amazing,' because you have a chance to change it, right?
When you're under audit, you don't give your papers. An audit is - I have been under audit for so many years. Every year, I get audited. For, I think, over 10 years, maybe even 12 years, I have been audited. And I think it's very fair. And I think I'm being singled out.
America is fed up with political correctness, and it is fed up with government that doesn't work. It's fed up with weakness being interpreted as wisdom.
Ever since its founding in 1913, the Fed has described itself as an "independent" agency operated by selfless public servants striving to "fine-tune" the economy through monetary policy. In reality, however, a non-political governmental institution is as likely as a barking cat.
I will be the first to say that it is always difficult to get monetary policy just right. But the Fed's analytical prowess is top-notch, and our forecasting record is second to none.
I have friends that are very wealthy, and I said, do you get audited? They don't even know what I'm talking about. They have never been audited. Why am I audited every single year? And until the audit is completed, obviously, I wouldn't show anything. I will show it as soon as it's completed. I have nothing to hide.
It is an established scientific fact that monetary policy has had virtually no effect on output and employment in the U.S. since the formation of the Fed.
The market needs to set prices, including interest rates and allocate resources. If it were up to me, we would abolish the Fed and return to the gold standard. Absent that, the Fed should be completely removed from the political sphere, its dual mandate replaced by a single mission to provide the nation with sound money.
Bankers themselves govern the Fed to some extent, and then there's the classic revolving door where Fed officials come from and then go back to the financial sector. Fed officials tend to believe that the institution should have a large measure of independence from democratic control, even though in law it is under the ostensible control of Congress.
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