Referencing the scenario, describe an action, other than advancing legislation, that members of congress may take to bring transparency and accountability to the federal reserve.
Question: Referencing the scenario, describe an action, other than advancing legislation, that members of congress may take to bring transparency and accountability to the federal reserve.
In addition to advancing legislation, members of Congress can take several actions to bring transparency and accountability to the Federal Reserve. One crucial step is conducting oversight hearings, where lawmakers can invite Federal Reserve officials to testify and provide insights into the decision-making process and monetary policy. These hearings allow members to question and scrutinize the actions of the Federal Reserve, ensuring transparency and accountability in its operations. Furthermore, Congress can request regular reports and audits from the Government Accountability Office (GAO) to assess the Federal Reserve's activities, policies, and potential risks. This information can shed light on the institution's performance and guide necessary reforms to enhance transparency and accountability.
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