Congress can get any information it wants out of the Fed; whatever it wants and whenever it wants it. The problem then, for those who seem to want an audit of the Fed, is that in order to get a subpoena, one has to get the financial services committees to vote for it. So, it goes that if congressional colleagues aren’t interested in crawling around in the Fed’s books and won’t vote for a subpoena, they aren’t going to vote for an audit, either.
This is just to put into perspective the meaning of the entire campaign – not much. Except it sounds good to Fed skeptics who don’t know any better. There isn’t any struggle there. Those at the Fed understand Congress can have any info it wants when it wants it – as a fact of life. Don’t ever be fooled into thinking that Congress has no control when the situation is quite the contrary.