Transparency Issues
Another objection is the lack of transparency and audits. In particular, the majority believes it should be held more accountable or abolished. Others believe the public should have a right to know what goes on in the Federal Open Market Committee (FOMC) meetings.
There has only been a partial audit, of which it was discovered 16 trillion dollars were secretly loaned to the banks. Of these loans, they were provided by no-bid contracts and with near-zero interest. .
Read more about this topic: Criticism Of The Federal Reserve
Famous quotes containing the words transparency and/or issues:
“Life is filigree work.... What is written clearly is not worth much, it’s the transparency that counts.”
—Louis-Ferdinand Céline (1894–1961)
“The current flows fast and furious. It issues in a spate of words from the loudspeakers and the politicians. Every day they tell us that we are a free people fighting to defend freedom. That is the current that has whirled the young airman up into the sky and keeps him circulating there among the clouds. Down here, with a roof to cover us and a gasmask handy, it is our business to puncture gasbags and discover the seeds of truth.”
—Virginia Woolf (1882–1941)