Saturday, 21 November 2015


"Saturday, November 21, 2015
House Passes Bill To Audit Federal Reserve

November 20, 2015
Juliegrace Brufke

In a 241-185 vote, the House passed a bill Thursday largely along party lines that would make major changes to the way the Federal Reserve operates in an attempt to create more transparency.

The Fed Oversight Reform and Modernization Act, spearheaded by Michigan Republican Rep. Bill Huizenga, would lift restrictions placed on the Government Accountability Office, enabling the agency to audit the central bank and narrowing its ability to provide emergency bailouts.

The legislation would also require the Fed to use a formula like the Taylor Rule, a tool used to calculate to whether nominal interest rates should be changed when making rate decisions.

“If the Federal Reserve explained to the public how it made its decisions, the American people would have greater confidence in them,” House Speaker Paul Ryan said in a statement after the vote. “Families could better plan for the future, invest their money wisely, and create opportunity for all of us.”"


Latest Top Stories -->> 

No comments :

Post a comment

Only members (obviously) can comment; no moderation; direct to page.

Note: only a member of this blog may post a comment.