31
August
Rep. Frank eyes Fed audit, emergency lending curbs
31 August 2009 Yahoo News
Rep. Barney Frank, the chairman of the U.S. House of Representatives Financial Services Committee, said he plans legislation to restrict the Federal Reserve's emergency lending powers and subject the central bank to a "complete audit."
At a recent town hall meeting, Frank said the House would pass a bill to use an audit to crack open the central bank's books more widely, but in a way that will not encroach on the central bank's monetary policy independence.
In addition, he said the House would move to rein in the authority that allows the Fed to lend to a wide range of non-bank firms in "unusual and exigent circumstances."
http://finance.yahoo.com/news/Rep-Frank-eyes-Fed-audit-rb-3402785272.html?x=0
