Anyone who thinks Congress can do a better job with monetary policy than the Fed, raise your hand. The Fed has always been audited, both by independent internal auditors and an outside firm. Today's "audit the Fed" push is no more than an attempt by Congress to meddle with something they know almost nothing about. If you don't believe me, take a look at some of the questions they've asked Janet Yellen during her recent testimony.
The Fed has been the primary bastion against descent into the kind of troubles Europe is now facing. When the ECB tightened, the Fed loosened and we are much better off because of it. Now, if only Congress had done their half of the job and used fiscal policy to stimulate the economy beyond the first (and only) paltry attempt...
Alan Blinder: Hands Off the Fed
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