Some momentum on opening up the Fed to more scrutiny, via The Wall Street Journal:

Rep. Ron Paul said he has a commitment from the chairman of the House Financial Services Committee, Barney Frank, to advance the Texas Republican’s legislation opening the Federal Reserve to broader federal audits.

In an interview Friday, Mr. Paul said Mr. Frank agreed to allow a vote on the bill and to work on language that would allow the Government Accountability Office, the investigative arm of Congress, to audit the Fed’s monetary-policy operations. While details are unresolved, the discussions increase the likelihood that some version of Mr. Paul’s bill will pass the House.

   This is the key:

In recent months, the Fed has released more information about its lending, though not the identities of individual banks borrowing through its discount window. Mr. Paul said he wants the audits to find out more about the Fed’s dealings with foreign central banks, foreign governments and individual firms. "I want to know who they’re loaning the money to," he said. [emphasis added]

   It is just nonsense for the Fed to claim that the people should not know where tax dollars are going. The claim–one that I think is crap–is that my identifying the borrowing banks, the Fed will be putting out the word about what banks are weak and harm the reputation of the banks.

   Well, wait a minute: The Federal Deposit Insurance Corporation knows what banks are ailing. The Fed knows that information. So do the big analysts and investors who follow the industry carefully.

   It’s only taxpayers who are not being told what banks are being bailed out with public money.

   As I pointed out recently, Ron Paul’s legislation–the Senate version is being sponsored by Bernie Sanders–is just a small piece of what needs to be done to reform the Fed and change the banking system. This is the time to do it.