  Explore the intricate relationship between the Federal Reserve and Congress in overseeing the nation’s monetary system, delving into the Federal Reserve’s pivotal role in banking operations, congressional accountability, and concerns regarding auditing and oversight.
- The Federal Reserve’s role in the U.S. monetary system is under congressional oversight, ensuring accountability and administration.
- Banks rely on the Federal Reserve for lending money, with interest rates set by the Federal Reserve affecting consumer loans.
- Since 1913, Congress has entrusted the Federal Reserve with managing the monetary system, believing it’s in the nation’s best interest.
- Concerns arise regarding Congress’s effectiveness in holding the Federal Reserve accountable, with noted issues in auditing and oversight.
- Acknowledgment of Congress’s pivotal role in the existence and oversight of the Federal Reserve.
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