U.S. House of Representatives on Wednesday approved a bill, the bill proposed by Texas Republican Congressman, U.S. presidential candidate Ron Paul - Ron Paul, the content is open consideration of the previously confidential Fed program, so that facing the supervision of members of Congress. However, the bill will be approved may face in the Senate approval process with minimal.
 
Paul has long been on the Fed critics, he proposed the bill will be canceled all restrictions on the Government Accountability Office (GAO) review program to monitor the Fed. Federal Reserve Chairman Ben - Ben Bernanke (Ben Bernanke), expressed opposition to the bill last week, he urged that the Federal Reserve monetary policy consultations should be protected.
 
House of Representatives of the vote is a victory for the results of Paul, he has long been seeking exposure of the operation of the Federal Reserve, today the House of Representatives of the hospital to vote so that he once vague aspirations exposure to in front of the nation's people. Paul had said earlier this month: "The Fed needs to transparency, and (my bill) will provide this transparency."
 
The bill was approved overwhelmingly in the House of Representatives voting procedures, a total of 327 of the House of Representatives voted in favor, 98 voted against it. The bill has 274 joint sponsors, including 45 Democrats. Ohio Democrat Rep. Dennis - Dennis Kucinich (Dennis Kucinich) on Tuesday issued a statement saying: "The Fed should not be allowed to operation in the dark, do not accept the monitoring of the Congress, to explain the responsibility of the people live the American people should be able to comprehensive and thorough audit of the Fed, which is what they deserve. "
 
However, most Democrats do not agree with this view. Massachusetts Democratic Congressman, banking reform bill co-sponsor of Barney - Frank (Barney Frank) pointed out that the bill may cause the market into an unstable state. In the Democratic-controlled Senate, the bill is a very small possibility of hospital approval. A handful of Republican senators are trying to find a way to seek hospital-wide vote on the bill, it is expected that the Democratic Party, said the person in charge of financial regulation studies, Cato Institute (Cato Institute), Mark - Calabria (Mark Calabria) not be willing to be voting.
 
The Fed pointed out that members of the U.S. Congress to oppose the bank's interest rate move, you can initiate an audit program, and Federal Reserve officials to exert political pressure. Held a hearing in the House of Representatives under the Financial Services Committee, Bernanke said: "cancel immunity for monetary policy and the review process is wrong, at least to some extent on the Fed's policy decision to create a political influence or political 'damping effect'. "
 
For now, the Fed will released in three weeks after the monetary policy meeting minutes, but will not publish the full text records. The Government Accountability Office is currently prohibited to monitor the Fed's discount window and open market operations, but also can not monitor the agreement and the interest rate decisions of the Federal Reserve with foreign governments.



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