WASHINGTON Dec 11 The chairman of the powerful House Financial Services Committee said on Friday that proposals in a U.S. House of Representatives-passed bill to subject the U.S. central bank's policy decisions to more congressional scrutiny goes too far.
"I do think the Fed could be audited. I think it's totally important to us to know what they're buying and selling," Barney Frank, the chairman of the House Financial Services Committee, said on CNBC television.
But he said a House financial regulatory overhaul bill that passed on a 223-202 vote overreached.
"I think the amendment that was adopted went too far," Frank said. "I think it could give the perception that monetary policy is not going to be independent and that would have an inflationary effect in and of itself." (Reporting by Glenn Somerville; Editing by Dan Grebler)
Trending On Reuters
For years Indian businesses have lobbied for a nationwide sales tax, hoping to replace a chaotic structure that inflates costs and halts their trucks at state borders for duty payments, and to unify the country into one of the world's largest single markets. But after political compromises that finally got a goods and services tax (GST) bill before parliament, they have turned wary. Full Article
India's $100 billion solar push draws foreign firms as locals take backseat Full Article