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Fed Rejects Geithner Request for Study of Governance, Struct

 
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PostPosted: Mon Sep 21, 2009 1:35 pm GMT    Post subject: Fed Rejects Geithner Request for Study of Governance, Struct Reply with quote
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Description: Fed Rejects Geithner Request for Study of Governance, Structure
URL: http://www.bloomberg.com/apps/news?pid=20601103&sid=adjvXg1zP.zY
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PostPosted: Mon Sep 21, 2009 1:41 pm GMT    Post subject: Reply with quote
He's gotten a lot of grief here (probably deservedly) for his instrumental role in the housing bubble, but Barney Frank deserves kudos here for pushing for review of The Fed:
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House Financial Services Committee Chairman Barney Frank, a Massachusetts Democrat, has also called for more scrutiny of the central bank, saying last year he aims to probe how the 12 regional Fed presidents are appointed and their role in setting interest rates. The Fed banks are semi-private entities, each overseen by a nine-member board of directors.

Legislation in both houses of Congress would allow for audits by the Government Accountability Office of the central bank’s monetary policy and other operations. Bernanke opposes the measure, which was introduced in the House by Representative Ron Paul of Texas, a Republican. Frank has scheduled a committee hearing on the issue for Sept. 25.

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