Lawmakers Push Bill to Monitor Fed Lending Programs
The campaign to audit the Federal Reserve I wrote about in July has legs. Two lawmakers this week introduced a bill that would allow the Government Accountability Office to review the agency’s programs for bailing out the financial industry. “During this financial crisis, Federal Reserve credit contributed greatly to the stabilization of the system,” said Sen. Jeff Merkley, D.-Ore., one of the sponsors of the Federal Reserve Accountability Act, in a statement. “In doing so, the Federal Reserve departed significantly from its traditional relationship with markets and took on unprecedented new risks. Such a significant change in the Federal Reserve’s traditional activities demands responsible, robust oversight.” Unlike more draconian legislation proposed in the House by Rep. Ron Paul, this measure…
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