Skip Navigation

Close and don't show again.

Your browser is out of date.

You may not get the full experience here on National Journal.

Please upgrade your browser to any of the following supported browsers:

House Approves Fed-Audit Bill House Approves Fed-Audit Bill

This ad will end in seconds
 
Close X

Not a member? Learn More »

Forget Your Password?

Don't have an account? Register »

Reveal Navigation
 

 

Congress / Economy

House Approves Fed-Audit Bill

photo of Catherine Hollander
July 25, 2012

House approves legislation that would open up the Federal Reserve’s monetary policy decisions to government audits.

  • The bill is not expected to advance in the Senate.
  • The vote, winning two-thirds majority support, reflects rising concern over the central bank’s actions to prop up the economy and financial sector and its effectiveness as a bank regulator.
  • While Rep. Ron Paul, R-Texas, has long been a champion of greater oversight of the central bank and his efforts have repeatedly won backing from more conservative elements of the Republican party, Wednesday’s vote saw Democrats join in support, reflecting growing discomfort with the largely opaque and powerful institution.
  • Fed officials worry a government audit would subject their decision-making to political pressure. No matter what, the central bank’s actions over the next few months will be interpreted by many as politically motivated.
  • Fed Chairman Ben Bernanke warned the bill would present a “nightmare scenario” for the Fed, citing evidence that central banks that are not subject to political pressure do better for the economy.
Job Board
Search Jobs
Digital and Content Manager, E4C
American Society of Civil Engineers | New York, NY
PRODUCT REVIEW ENGINEER
American Society of Civil Engineers | CA
Neighborhood Traffic Safety Services Intern
American Society of Civil Engineers | Bellevue, WA
United Technologies Research Fellow
American Society of Civil Engineers | New York, NY
Process Engineering Co-op
American Society of Civil Engineers | Conshohocken, PA
Electrical Engineer Co-op
American Society of Civil Engineers | Findlay, OH
Application Engineer/Developer INTERN - Complex Fluids
American Society of Civil Engineers | Brisbane, CA
Application Engineer - Internships CAE/CFD Metro Detroit
American Society of Civil Engineers | Livonia, MI
Chief Geoscientist
American Society of Civil Engineers
Application Engineer - Internships CAE/CFD Metro Boston
American Society of Civil Engineers | Burlington, MA
Professional Development Program Engineer
American Society of Civil Engineers | Farmington Hills, MI
Civil Enginering Intern - Water/Wastewater/Site-Development
American Society of Civil Engineers | Sacramento, CA
Staff Accountant
American Society of Civil Engineers | Englewood, CO
Biomedical Service Internship Position
American Society of Civil Engineers | Flint, MI
 
Comments
comments powered by Disqus