Fed could be subjected to more audits by GAO

05/10/2010 | New York Times (tiered subscription model), The

A consensus is building in the Senate to subject the Federal Reserve to ongoing audits by the Government Accountability Office. "At a time when our entire financial system almost collapsed, we cannot let the Fed operate in secrecy any longer," said Sen. Bernard Sanders, I-Vt. The Obama administration, the Treasury Department and the central bank have indicated that they accept the amendment to the financial-reform bill.

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