ms. bachman i think deserve a little bit more response. as you well know, dr. paul's legislation to audit the fed was the most co-sponsored bill in the 112th congress. very bipartisan. passed by an overwhelmingly bipartisan vote, and it did not talk about interfering with the day-to-day management and decision making of the fed, it was post-decision making audits. and seeing we're all government and official agencies under our dominion are subject to audit, it just seems very strange that the audit would object to having the logic behind their decisions and the many other of the litany of items you're exempted from being audited for deemed to be reasonable. >> so i think if members of congress can ask the gao to come into the federal reserve shortly after a meeting where we've made a difficult decision and to perhaps review transcripts and look at the debate that took place around a particular decisi decision, we release transcripts. we release minutes of our meetings, but to come in, review materials and say, no, we don't agree with a decision that was made at

ms. bachman. >> thank you, chairman. we're extremely grateful for you being here. also, good luck on your service as the head of the federal reserve. we want you to be successful. >> thank you. >> we asked our constituents what their number one question would be today. this is a historic opportunity to have a new federal reserve chair, and we had a plethora of responses from constituents with questions. but it was interesting that there was a commonality of the questions that came forth. one was really from our financial institutions and businesses. and the first was from individual constituents. so i would like to give you, first of all, the question that we received most from our individual constituents, and it was this. it was, you and other opponents of the audit the fed legislation have said that it threatens the independence of the federal reserve. could you please point to a specific section of the bill that allows congress to interfere with the ability of the federal reserve to determine monetary policy? my constituents absolutely can't understand why the f

ms. bachman for five minute. >> i want to thank and welcome to this committee the new chair of the federal reserve, extremely grateful for you being here and good luck on your service as head of the federal reserve. we want you to be successful. we asked our constituents, and a historic opportunity to have a new federal reserve share and we had a plethora of responses from constituents of questions but it was interesting that there was a commonality of the questions that came forth. ..t there was a commonality of the questions that came forth. one was really from our financial institutions and businesses. and the first was from individual constituents. so i would like to give you, first of all, the question that we received most from our individual constituents, and it was this. it was, you and other opponents of the audit the fed legislation have said that it threatens the independence of the federal reserve. could you please point to a specific section of the bill that allows congress to interfere with the ability of the federal reserve to determine monetary policy? my constituents absol

ms. bachman i think deserve a little bit more response. as you well know, dr. paul's legislation to audit the fed was the most co-sponsored bill in the 112th congress. very bipartisan. passed by an overwhelmingly bipartisan vote, and it did not talk about interfering with the day-to-day management and decision making of the fed, it was post-decision making audits. and seeing we're all government and official agencies under our dominion are subject to audit, it just seems very strange that the audit would object to having the logic behind their decisions and the many other of the litany of items you're exempted from being audited for deemed to be reasonable. >> so i think if members of congress can ask the gao to come into the federal reserve shortly after a meeting where we've made a difficult decision and to perhaps review transcripts and look at the debate that took place around a particular decisi decision, we release transcripts. we release minutes of our meetings, but to come in, review materials and say, no, we don't agree with a decision that was made at