WSJ: What Fed-Audit Legislation Would Mean
WSJ: What Fed-Audit Legislation Would Mean
Overturning current limits on government audits of the Federal Reserve has become a key goal of the central bank's critics inside and outside Congress.
House lawmakers are expected to seek a comprehensive audit of the Federal Reserve system by the Government Accountability Office, the investigative arm of Congress, as part of a broader overhaul of financial regulation this fall. But the precise scope of such an audit remains undetermined.
The move follows a proposal by Rep. Ron Paul (R., Texas), endorsed by two-thirds of the House, that would require the GAO to conduct an audit by the end of 2010. It would override—for at least that period—a law that shields the Fed's monetary-policy decisions from GAO inquiries.
Rep. Barney Frank, chairman of the House Financial Services Committee, is in talks with Mr. Paul on the details of the bill, and has said he expects some version to pass the House this fall. But Mr. Frank said he would ensure the Fed's independence in setting interest rates and other aspects of monetary policy.
More at: http://online.wsj.com/article/SB125175164147973783.html
Rupert Murdoch owns this newspaper
Go research Murdoch, then try reading his WSJ clap and watch Fox with a clear conscience.
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This is actually a decent article
Coming from Wall Street Journal, not bad at all. The business community will surely be reading it when they buy the magazine if it's published in that too. Not sure if most will like it, but they need to know just how deep this mess really is.
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I'm surprised this isn't the usual pro-Fed nonsense
Just basic details of what's happening now and how things will change if/when HR 1207 passes..
I was just about to...
...write a similar comment.
The title of the article leads one to think it'll be more assertions about damage to the financial system and a step towards Congressional influence on monetary policy, but it just lays out what the bill will do.
Cool. Maybe we're getting somewhere after all.