Go read the bill, it's published and details exactly the activities which are currently not subject to scrutiny; if you want some examples of off audit - agreements with foreign banks, funding facilities, details of its discount window operations and open market operations; the agreements with foreign banks is the one in particular that raises my ire.
The NY Fed publishes details on the Fed's Open Market Operations, both temporary and permanent, as well as their discount window operations. These are regularly audited .
The Fed doesn't really engage in lending facilities, but even when it did, the Term Auction Facility (TAF), Primary Dealer Credit Facility (PDCF), and Term Securities Lending Facility (TSLF) were the only tools at their disposal, which was regularly reviewed during the financial crisis when it was utilized.
Again, I'm not sure what you think isn't regularly reviewed, but the only activities that are not audited (by law) are monetary policy operations and transactions carried out by the Fed on behalf of other central banks. The fact that you have a difficult time telling me what should be audited tells me you don't have a good grasp on how central banks operate.
They're already "politicized" and becoming increasingly more so given the fact that the Fed is fighting so hard to keep its secrets.
Monetary policy is politicized because central banks don't want you to review complicated matters? Do you know what the word politicized means?
The fact of the matter is that the Fed doesn't want its secret sauce examined because it wants to keep the citizenry in the dark regarding the details of its monetary machinations, it's protecting the status quo because the status quo is exceedingly profitable for it and it's cronies.
There is absolutely no justification for the unelected officials of the central bank which has been given power over our money and credit by the American People having the authority to deny scrutiny of ALL of it's activities by the Representatives of the American People.
OR, maybe the Fed doesn't what you to see their secrets is because, historically, in capitalist economies, elected leadership have set the objectives of central banks. There is already a ton of evidence, backed up by economic research, that giving politicians power over interest rates and the supply of credit hurts the economy over time. This is because politicians, who only care about getting re-election, prefer more economic growth now, even if it means tons of inflation later on.
Given your sentiment, it doesn't really sound like you have a high aptitude for economics. Considering this, I have no interest in allowing the fed to give you, and the rest of people who think like you, access to information that is well above your pay grade.
That is, unless you are all planning on getting a basic B.S. in Economics.
