WaPo: House Bill Puts Fed Under New Scrutiny

The Marriner S. Eccles Federal Reserve Board Building (photo via Wikimedia Commons, CC BY-SA 3.0)
The Marriner S. Eccles Federal Reserve Board Building (photo via Wikimedia Commons, CC BY-SA 3.0)

The Washington Post noticed the passage of the Centennial Monetary Commission through the House Financial Services committee, under the key leadership of Rep. Kevin Brady (R-TX):

Meanwhile, the Fed is facing renewed scrutiny in Congress. The House Financial Services committee on Wednesday passed a bill that would require the central bank to explain when it deviates from certain monetary policy models, disclose more information on salaries and allow for audits of the Fed’s decision-making process. Another bill sponsored by Texas Republican Rep. Kevin Brady would create a commission to examine the Fed, which recently celebrated its centennial.

‘The Fed is trying to do too much,’ Brady said in an interview. ‘It can be the right tool, but not for everything and everybody.’

Read more here.

Nick Arnold is a researcher for American Principles in Action.