Question

Describe an action, other than advancing legislation, that members of Congress may take to bring transparency and accountability to the Federal Reserve.

Answer 1

Answer:

Other than advancing legislation, members of Congress can bring transparency and accountability to the Federal Reserve by

• Conducting audit in its activities by the Government Accountability Office  Appointees of the Federal Reserves can appear before the appropriate constituted Congressional Committees to provide testimonies of their conducts in office with respect to the issues under investigations.
• The Federal Reserve is relatively autonomous by conducting its own internal affairs as provided by the constitution and other extant laws but is  answerable to Congress.
• Post Government Spending Online. With the national debate over the federal budget and current levels of deficit spending, federal agencies need to post spending data in a standardized, downloadable format and machine readable formats.
• The Congress should ensure that the annual report released by the Government Accountability Office  identifying federal programs, agencies, offices and initiatives with duplicative/overlapping goals should not receive funding henceforth from the Federal Reserve.
• Create a 21st Century Congressional Office to give access to Americans to evaluate the various government spendings, their relevances and timing.

Answer 2

Answer: Auditing and congressional hearing

Explanation: Congress can hold the federal Reserve accountable and to be transparent by making the Government Accountability Office to audit the Fed's activities, Appointees of the Federal Reserve can appear before congressional committees to provide testimony also. The Federal Reserve conducts its own internal audits and reviews but they are answerable to Congress.