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Fed audit bill goes to House for vote

by Ira Teinowitz  |  Published June 28, 2012 at 11:21 AM
FederalRserveBankofNewYork.jpgLegislation requiring the Federal Reserve to submit to regular audits by the Government Accountability Office was sent to the House floor on Wednesday, June 27, despite a warning that it could serve to make the Fed less independent.

The House Oversight and Government Reform Committee approved the legislation on a voice vote after its chairman, Darrell Issa, R-Calif., amended a bill originally offered by Rep. Ron Paul, R-Texas.

Issa said the audit was needed to ensure the Fed maintains its function as an independent body. "Over the last several years, the relationship between Treasury and the Fed has become lockstep," he said. "We do not need a second Treasury Department. We need a responsible and independent central bank."

The committee's ranking Democrat, Elijah Cummings of Maryland, warned that the audit would make the Fed less independent and legislators would likely use the audits to try to sway the Fed.
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Tags: audit | Darrell Issa | Elijah Cummings | Federal Reserve | Government Accountability Office | House Oversight and Government Reform Committee | Ron Paul | the Fed | the Treasury

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