Is the Fed ever Audited? – done

The Internal Revenue Service has no jurisdiction over Federal Reserve Banks; therefore it is never asked to produce its records or books. After many years of pressure, Congress required auditing by the General Accounting Office in 1976, but exempted all monetary activities from such audits. Audits are restricted to real estate and office supplies, et cetera. From the 1991 audit we learned that the Fed owned over $890,000,000 in furniture and miscellaneous office equipment. So, they obviously aren’t buying their desk lamps at K-mart.

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