U.S. House committee approves bill to increase scrutiny of...

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