Since the US Federal Reserve handed in trillions of dollars in bailout money to the country’s largest banks and financial companies, many have questioned the legitimacy of its power and demanded accountability from the regulator. Labeled by some as a “black hole in American democracy,” the Federal Reserve has had an unprecedented amount of power over the course of the past several months. As backlash to President Barack Obama’s proposition to give more authority to the Federal Reserve, a bipartisan coalition has been formed under the stewardship of a Republican Congressman Ron Paul demanding more oversight and the first in its history audit of the Federal Reserve.

—Olga Razumovskaya

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