2009-07-10 — wsj.com
Fed officials maintain the new authority would simply alter the central bank's approach to regulation but not greatly expand its power. They say Congress can oversee the Fed's regulatory responsibilities while leaving it independent in monetary policy.
The Fed is being attacked on multiple fronts. Most critically, they are probably scared of Ron Paul's extremely popular (sponsored by more than half of the House) push to open the Fed to full audits.
The whole "independence" argument is completely bogus and never served as anything other than a propaganda foil. How can a federal bureau be "independent"? That is absurd.
What's that you say -- the Fed is really no more "federal" than Federal Express? Fine then -- but then how can a private bank have a government-protected monopoly on the dollar money supply without full transparency and public scrutiny?
So the Fed's cries for "independence" are looking increasingly selfish and self-serving indeed. If the Fed is going to be truly independent, it should be subject to genuine monetary competition. Otherwise, it should be effectively dissolved, and control of the money supply returned to the Treasury where it constitutionally belongs.
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