The
Federal Reserve's finances are already audited every year by an independent accounting firm. (Last year it was Deloitte and Touche). The central bank also
publishes its balance sheet every Thursday online.Instead, what Paul is aiming for is a full investigation of the way the Fed determines monetary policy.
Those deliberations currently take place behind closed doors.
Minutes are released with a three-week lag, and full transcripts are published only five years after the fact.
Bernanke, speaking at a hearing about the economy and monetary policy Wednesday, said he prefers to keep it that way to protect the Fed's independence. Having Congressional investigators in the room could "create a political influence" and have a "chilling effect," the Chairman said.
Bernanke said he could envision a "nightmare scenario" where Congress would disagree with a Fed decision on interest rates and try to get other agencies, such as the Government Accountability Office, to review it.