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Cain is also vehemently opposed to a congressional audit of the Fed that would allow Congress and the American people to find out what exactly is going on at the central bank.
Yes, the Fed's defenders say congressional audits would politicize monetary policy by forcing rate-setters to defend their actions to Congress.
COLUMN: MONEY BRIEFS Overhaul advances WASHINGTON - Taking aim at Wall Street and the nation's central bank, a key House committee voted Thursday to assess upfront fees on large financial firms to pay for the failure of their peers and to require a sweeping congressional audit of the secretive Federal Reserve.
Congress Expanding Investigation into SBC's Failure to Deploy Technology As a result of the congressional audit discovery, U.
A congressional audit now reports that fees to cover the costs of processing U.
Earlier this year, according to the Washington Post, congressional audits revealed that throughout the 1980s, David Hale, then head of an SBA-backed finance company called Capital Management Services, loaned more than $70,000 in MESBIC money to nonminority individuals and companies that were politically aligned with then Arkansas Governor Bill Clinton.
Legislation coming out of the House Financial Services Committee, innocuously called the Federal Reserve Transparency Act and supported by two-thirds of the House of Representatives, would subject the Fed's decisions on monetary policy to congressional audit.
The Defense Contract Audit Agency (DCAA) took the step following a scathing report by a congressional audit agency this week that found numerous irregularities in a review of 14 DCAA audits between 2003 and 2007.