Fed's Plosser Delivers Speech Defending Fed Against Ron Paul Audit Demands

He doesn't mention Ron Paul by name, but he does mention Ron Paul's Audit the Fed bill.

Philadelphia Federal Reserve president Charles Plosser spent most of his speech time before the World Affairs Council of Philadelphia explaining why the Fed doesn't need to be audited in line with Ron Paul's Audit the Fed legislation:

My focus today will be on what I regard as the most important of all principles of sound central banking — the independence of monetary policy. Threats to this independence appear in several forms. For example, the "Audit the Fed" amendment passed by the U.S. House of Representatives in December would allow any legislator to demand the Government Accountability Office, or GAO, to "audit" the Fed's monetary policy decisions.

Clearly, the Fed continues to see Paul's legislation as a major threat.

During his reconfirmation comments, Fed chairman Ben Bernanke also spent significant time detailing why the Fed shouldn't be audited in the manner outlined in Paul's legislation.

What are they hiding?