Members of Congress in both houses have again introduced measures to repeal long‐standing constraints on the ability of the Government Accountability Office to perform a program audit of the Federal Reserve’s monetary policy actions. Auditing the Fed has become the topic of bitter debate, not along party lines, but instead pitting government transparency advocates against proponents of Federal Reserve political independence. Please join our panel as we try to answer these questions: What is “Audit the Fed” really about? What would it entail? And, most importantly, is it good public policy?