An audit (though it will never pass Congress) is just not enough.
- The Fed has too much power by issuing fiat money.
- The Fed being in the twilight zone between public and private organization is counter productive to the health of any economy. Hiding under the umbrella of a government organization yet avoiding the Freedom of Information Act by declaring being a private organization.
- Money not backed by anything valuable is worth crap and is nothing more than a speculative tool used to widen and tighten the gap between rich, middle class and poor as needed thus keeping established thus keeping society and economies in check.
The FED should NOT be audited but simply dissolved. The US Treasury should print the money (backed by Gold and Silver) and not buy and/or borrow it from the FED with interest.