And, curiously enough, the Federal Reserve System has never been audited and has firmly resisted all attempts by House Banking Committee Chairman Wright Patman to have it audited. (N.Y. Times, Sept. 14, 1967.)
This is intentionally misleading. The Fed has several different types of audits conducted annually, and the source of the audits varies over time. Some aspects of the Fed are exempt from the GAO audits, supposedly to protect foreign investors, and this is what failed Audit Bills have been designed to include. So yes, there are those who believe the Fed isn’t audited enough, but saying the Fed has never been audited is incorrect.
