House panel votes to audit Federal Reserve

Posted: November 20, 2009 in Federal Reserve, Money, Politics
Tags: ,

Associated Press
November 19, 2009

The House Financial Services Committee has voted to pull the curtain on the normally secretive Federal Reserve by subjecting the nation’s central bank to a sweeping congressional audit.

The provision would direct the Government Accountability Office to examine transactions the Fed has undertaken to spur lending, stabilize banks and revive the economy.

The Fed is an independent agency of the government and has been shielded from scrutiny. The proposed audit would not include a review of the Fed’s monetary policy deliberations.

Antipathy toward the Fed’s closed-door activities has grown after it used its emergency powers during last year’s financial crisis to pump hundreds of billions of dollars into the struggling financial sector.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s