TNHarley
Diamond Member
- Sep 27, 2012
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U.S. House committee approves bill to increase scrutiny of Fed
Good luck answering that one with a strait face
?A Republican-controlled committee of lawmakers approved a bill on Tuesday to allow a congressional audit of Federal Reserve monetary policy, a proposal Fed policymakers have opposed and which faces an uncertain path to final approval.
Democrats uniformly spoke against the proposal during a meeting of the House of Representatives Committee on Oversight and Government Reform, suggesting the bill would face stronger resistance than in the past.
"We should not in any way hinder their independence," said Representative Carolyn Maloney, a New York Democrat, echoing the sentiment of Fed policymakers who say they could come under political pressure to avoid making unpopular decisions such as raising interest rates to slow growth and control inflation.
The next step for the bill would be a floor vote by the entire House, where Republicans hold a solid majority.
Good luck answering that one with a strait face