- The Washington Times - Tuesday, June 28, 2011

The Federal Reserve’s lack of transparency is not a new development (“Time to end Federal Reserve secrecy,” Commentary, Thursday).

It dates back to 1910 on Jekyll Island, Ga., where Nelson W. Aldrich and A. Piatt Andrew met in secrecy to discuss the future of American finance. Nearly a century later, the Federal Reserve continues to hide. Even though the Fed is independent of the U.S. government, it is fairly obvious there is an incestuous relationship, one in which more oversight is needed.

Hundreds of billions of dollars pass through the Federal Reserve system, and the series of checks and balances is laughable. Rep. Ron Paul, Texas Republican, who may be seen as a maverick, has given serious clout to the idea of auditing the Federal Reserve. Before 2008, many lawmakers and citizens rolled their eyes at the idea, but the financial crisis did one positive thing: It woke up the American public and politicians to new, formerly “radical” ideas.

Allowing the Federal Reserve such influence on monetary policy is dangerous and irresponsible. Millions of lives have been ruined by loose monetary policies, and the American public deserves to know who is responsible and also to learn from the mistake.

Hopefully, through a series of more rigorous checks and balances, the Federal Reserve will not contribute to another financial meltdown.

NICK TUSZYNSKI

Alexandria