'Audit the Fed' movement is taking a big step forward in Congress this week

Section:

By Jeff Cox
CNBC, New York
Monday, May 16, 2016

An effort to conduct an unconventional audit of the Federal Reserve is gaining traction in Washington and on its way to a potentially important milestone this week.

The Federal Reserve Transparency Act will undergo the markup process this week in the House Oversight and Government Reform Committee. A product of the "Audit the Fed" movement, the bill seeks not a financial exam of the U.S. central bank but rather a peek behind the curtain of how monetary decision-making happens. The markup comes after several failed efforts to move the legislation ahead, and supporters believe there now is enough backing in Congress to go forward.

The Fed's policymaking arm, the Federal Open Market Committee, does not meet in public and only communicates its decisions through carefully worded statements at the end of its meetings and through officials' remarks at speaking engagements and through the press. ...

... For the remainder of the report:

http://www.cnbc.com/2016/05/16/the-audit-the-fed-movement-is-taking-a-bi...



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