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)