Why is the Federal Reserve so reluctant to become transparent.  Kevin CIrilli writesL The Federal Reserve is lashing out at Sen. Rand Paul’s plan to give Congress more oversight over the central bank, a proposal that could gain traction in the new Republican-led Congress.

The Kentucky Republican reintroduced his “Audit the Fed” legislation last month with 30 co-sponsors, including other potential 2016 GOP hopefuls, Sens. Ted Cruz (Texas) and Marco Rubio (Fla.).

The proposal — once championed by his father, former Rep. Ron Paul (R-Texas) —would subject the central bank to an audit by the Government Accountability Office (GAO).

Regional bank presidents from around the country are decrying the plan, which they argue could damage the economy.  “Who in their right mind would ask the Congress of the United States — who can’t cobble together a fiscal policy — to assume control of monetary policy?” Richard Fisher, retiring president of the Federal Reserve Bank of Dallas/

Fed Chairwoman Janet Yellen has already vowed to fight the legislation, and President Obama would likely veto it.

Still, Fed watchers note that Paul has become emboldened by the new Republican majority in Congress. And he possesses an ever louder national microphone, as he moves closer to a 2016 presidential run.

Together, those factors could elevate the issue in the coming months, a prospect that has spurred strong words from bank officials.

Retiring Philadelphia Fed President Charles Plosser told The Hill that financial auditing “already exists” for the Fed, and warned that Paul’s plan would empower Congress “to audit and question monetary policy decisions in real time.”

Paul pushed back against the criticism, saying Fed officials “will say and do anything to keep their business hidden from the American people.”

What the press has not made clear in reporting the Great Recession and quantitatie easing is the assets bought by the Fed and who they benetied.  An audit by the rerpresentatives of the Ameican people might provide insights into exactly what happened and why the ordinary American citicen is still having a tough time.

Fed Chair Janet Yellen, who met with Senate Democrats last week on Capitol Hill, is scheduled to testify before Congress later this month. The appearance will be her first since Republicans seized control of the Senate, and she will likely face questions on the legislation.

Senate Banking Committee Chairman Richard Shelby (R-Ala.), whose panel has jurisdiction on the bill, has also said he is interested in holding hearings on the issue.