U.S. House committee approves bill to increase scrutiny of Fed...
- A Republican-controlled committee of lawmakers approved a bill on Tuesday to allow a congressional audit of Federal Reserve monetary policy.
- Democrats uniformly spoke against the proposal during a meeting of the House of Representatives Committee on Oversight and Government Reform.
- “We should not in any way hinder their independence,” said Representative Carolyn Maloney.
- The next step for the bill would be a floor vote by the entire House, where Republicans hold a solid majority.
- Currently, the Fed publishes detailed audits of its finances but it keeps the inner workings of its monetary policy deliberations secret.
- The proposal approved on Tuesday would “put an end to that reign of secrecy“.
http://www.reuters.com/article/us-usa-fed-congress-idUSKBN16Z2GJ
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