House committee approves bill to increase scrutiny of Fed

By Jason Lange
Reuters
Tuesday, March 28, 2017

WASHINGTON -- A Republican-controlled committee of lawmakers approved a bill on Tuesday to allow a congressional audit of Federal Reserve monetary policy, a proposal Fed policymakers have opposed and which faces an uncertain path to final approval.

Democrats uniformly spoke against the proposal during a meeting of the House of Representatives Committee on Oversight and Government Reform, suggesting the bill would face stronger resistance than in the past. ...

The next step for the bill would be a floor vote by the entire House, where Republicans hold a solid majority.

Republican President Donald Trump expressed support for audits of the U.S. central bank during his election campaign, but it remained unclear whether the White House would back the proposal. ...

Currently, the Fed publishes detailed audits of its finances but it keeps the inner workings of its monetary policy deliberations secret, publishing transcripts of policy meetings only with a five-year lag.

The proposal approved on Tuesday would "put an end to that reign of secrecy," said Representative Thomas Massie, the Kentucky Republican who submitted the bill. ...

... For the remainder of the report:

http://www.reuters.com/article/us-usa-fed-congress-idUSKBN16Z2GJ