Ben Bernanke on Ron Paul’s Proposed Leglslation to Audit the Federal

“My concern about that legislation is that if the GAO is auditing not only the operational aspects of our programs and the details of the programs, but is making judgments about our policy decisions, that would effectively be a takeover of monetary policy by the Congress, a repudiation of the independence of the Federal Reserve, which would be highly destructive to the stability of the financial system, the Dollar and our national economic situation.”

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