US congressman and long time libertarian Ron Paul has introduced a bill that would see the Federal Reserve (the US central bank) subject to routine audits by Congress. The Federal Reserve was formed in 1913 and some say it has never been formally audited. Ron Paul would like to see the Federal Reserve closed down but has actually pitched for something much more modest and to date the bill has received enormous support. From the Wikipedia article on the topic:-
H.R. 1207 now has 275 cosponsors, including all House Republicans, as well as 98 Democrats, suggesting broad bipartisan support. The total of 276 sponsors is 63% of the House membership.
It may even get the numbers in Congress to become immune to presidential veto. The Reserve Bank of Australia (our central bank) is routinely audited, so the reform hardly sounds radical. However it is amusing to watch the Federal Reserve chairman, Ben Bernanke, arguing against the idea and to ponder what his real concern is.
The second question in the video is incidental and digresses into a somewhat predictable semantic debate about the proper definition of inflation.