Selgin is fantastic in this interview with The Joy Cardin Show on Wisconsin Public Radio.
Selgin is clear that he doesn't want Congressional oversight, but that the Fed has engaged in activities beyond its monetary policy mandate so an audit is necessary at this moment in time. Selgin lays out a step-by-step set of reforms that follow from making clear what the Fed is up to, to putting constitutional restraints on the Fed, and eventually abolishing the Federal Reserve System and replacing it with a working free banking system.
George's great skill is make very radical ideas seem reasonable --- and the reason he is able to do this is simple. They are reasonable when you follow the logic of economics and study the history of money and finance at the level of detail that Selgin does.