mises.org/books/fed.pdf
Introduction:
Money and Politics
B
y far the most secret and least accountable operation
of the federal government is not, as one might expect, the CIA, DIA, or some other super-secret intelligence agency. The CIA and other intelligence operations are
under control of the Congress. They are accountable: a Congressional committee supervises these operations, controls
their budgets, and is informed of their covert activities. It is
true that the committee hearings and activities are closed to
the public; but at least the people's representatives in Congress insure some accountability for these secret agencies.
It is little known, however, that there is a federal agency
that tops the others in secrecy by a country mile. The Federal
Reserve System is accountable to no one; it has no budget; it
is subject to no audit; and no Congressional committee
knows of, or can truly supervise, its operations. The Federal
Reserve, virtually in total control of the nation's vital monetary system, is accountable to nobody—and this strange
situation, if acknowledged at all, is invariably trumpeted as
a virtue.
