The effort to bring some transparency to the Federal Reserve (why on earth is this hard?) could bear some fruit.
A U.S. House committee advanced a proposal to remove a three-decade ban on congressional audits of Federal Reserve interest-rate decisions, a measure backed by a lawmaker who has called for the abolition of the central bank.Hey Ben: get bent. You and your ilk have really [verbed] the [direct object] for decades. It's time for your unholy reign to end.
The House Financial Services Committee today, in a 43-26 vote and a second voice vote, attached the amendment for a broad audit of the Fed to legislation creating a council of regulators to monitor systemic risk. The proposal was offered by Representative Ron Paul, a Republican from Texas, and based on a bill with more than 300 co-sponsors.
Fed Chairman Ben S. Bernanke has opposed the Paul legislation, saying it may result in interference with monetary policy.