03/18/2010 05:12 am ET | Updated May 25, 2011

Colbert Takes On The Federal Reserve, Says Congress Is Trying To See 'Its Fiscal Naughty Parts' (VIDEO)

Count Stephen Colbert among the opponents of calls to audit the Federal Reserve.

Responding to what he calls claims that the Federal Reserve is a "secretive cabal that only benefits the well-connected," Colbert sounded practically Bernanke-ian. The Fed needs its autonomy and its clandestine meetings, Colbert said -- and the "puff of smoke" that "comes out of the Fed chimney announcing whether the economy has seen its shadow."

The Fed's "merely an extra-constitutional star chamber that controls our monetary policy with no oversight."

But some people, like Chris Dodd and Bernie Sanders, keep trying to "pull down the Fed's pantaloons to look at its fiscal naughty parts," added Colbert.

Watch Colbert take on the Fed's critics:

The Colbert ReportMon - Thurs 11:30pm / 10:30c
Fed's Dead
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