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 hard truth is that what may be acceptable in elite culture may not be acceptable in mass culture, that tastes which pose only innocent ethical issues as the property of a minority become corrupting when they become more established. Taste is context, and the context has changed.”
—Susan Sontag (b. 1933)