This is SO Encouraging!

The Federal Reserve (sometimes called "the Fed") is the central banking system of the United States created in 1913. Despite its title, the Federal Reserve is not very federal. Twelve privately owned regional banks are the heart of this system. A link between these banks and the government is provided by a "Board of Governors." The seven members of this committee are appointed by the President and confirmed by the Senate for staggered terms of fourteen years. Ben Bernanke is the most well-known member of the committee and is currently completing a four year term as its chairman.

The Board of Governors operates under the watchful eyes of its Inspector General. According to its website, "the Office of Inspector General (OIG) is also responsible for preventing and detecting waste, fraud, and abuse at the Board, among other duties. The OIG achieves its legislative mandate through audits, evaluations, investigations, legislative reviews, and by keeping the Chairman of the Board and Congress fully informed."

So if you want to know what these private "Federal Reserve Banks" are doing, you would check in with the Board of Governors. And if you want to know if any monkey business is afoot among the Board of Governors, you would get a report from the Inspector General. So when you watch this video clip of recent testimony from the OIG, Ms. Elizabeth Coleman, I'm sure you will join me in breathing a sigh of relief and declaring, "This is SO encouraging!"

By the way, the cool cucumber asking the questions is Alan Grayson (D), representative from Florida's District 8. This testimony was given on May 12, 2009. 

Comments

[Dave]

Now why does this not surprise me. I lose more faith in the Government everyday. Does our Government officials even remember that they work for us and in doing so, should be held accountable for their actions and/or lack of. I believe she knows where the money went.

[Austin]

Is anyone else having problems with the audio on this video clip?

[Dave]

No Problems at all