8/31/2009

Rep. Barney Frank, D-Mass., said the House plans to approve legislation that would subject the Federal Reserve to a "complete audit" that would more widely open its books but not interfere with its independence. The chairman of the House Financial Services Committee also said he is drafting a bill that would restrict the central bank's emergency-lending authority. More than half of the House has co-sponsored a bill that would give the Government Accountability Office the power to audit interest-rate decisions by the Fed. Ben Bernanke, chairman of the central bank, said the move would be detrimental to the Fed's independence.

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