Federal Reserve Under Scrutiny
From a piece on MSN today regarding some of the House Republicans calling on Geithner to step down as Secretary of Treasury and Congress lashing out at Obama, we find this piece regarding yesterday’s vote on Ron Paul’s amendment to HR1207 to keep the bill doing what we want it to do, a full audit of the Federal Reserve.
Perhaps most troubling for the administration was that one of the few measures to succeed Thursday was an amendment by Rep. Ron Paul (R-Tex.) that would subject the Federal Reserve to unprecedented scrutiny. The amendment, which won bipartisan support in the House Financial Services Committee despite the reservations of administration officials, would allow the Government Accountability Office to audit all of the Fed’s operations, including its decisions on interest rates and its transactions with foreign central banks.
Paul and allies in both parties — more than 300 members of Congress have endorsed the measure — are looking to increase oversight of an institution they consider partly to blame for the financial crisis. Federal officials and many private economists worry that the amendment could make future central bank policymakers reluctant to take unpopular steps to prevent inflation or support the economy for fear of second-guessing by Congress and government auditors.
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