29
September
Fed's Counsel Says Audits Could Lead to Higher Interest Rates
29 September 2009 Bloomberg.com
Federal Reserve General Counsel Scott Alvarez said audits of monetary policy by the U.S. Congress could lead to higher interest rates and reduced confidence in central bank policy.
Congressional audits of monetary policy could “cause the markets and the public to lose confidence in the independence of the judgments of the Federal Reserve,” Alvarez told the House Financial Services Committee today in response to a question from Representative Dennis Moore, a Kansas Democrat. Alvarez said in his prepared remarks the audits would probably “chill” the central bank’s discussions on interest rates.
http://www.bloomberg.com/apps/news?pid=20601087&sid=adDANopNzewM
