The Fed is audited by the GAO, the OIG, outside auditors, and its Board [1]. Its balance sheet is published weekly and closely scrutinized by the investing public as well as every bank.
> they fight inflation ruthlessly too the detriment of employment
The Fed has a dual mandate. Its post-crisis journey has been one of trying to stoke inflation.
The bill's purpose
> ...If enacted, the bill would also have ensured that the
> audit results would be available to Congress. The audit
> would include the Fed's "discount window", its funding
> facilities, its open market operations, and its agreements with foreign bankers. [1]
[0] https://en.wikipedia.org/wiki/Federal_Reserve_Transparency_A...
[1] https://en.wikipedia.org/wiki/Federal_Reserve_Transparency_A...
This would effectively end the Fed's political independence. Agreements with foreign bankers seems acceptable, though even then it would be better to release it to a committee after a delay.
Well, “avoid deflation” would probably be more strictly accurate.