A proposal from a long-time congressional foe of the Federal
Reserve that could give lawmakers sway over monetary policy has won the
support of a majority in the House of Representatives, alarming
officials at the U.S. central bank.
The Federal Reserve Transparency Act of 2009, put forward by
Republican Representative Ron Paul of Texas, now has 250 co-sponsors in
the House. It will get air-time on Thursday during a congressional
hearing on Fed independence that will feature testimony from the Fed's
No. 2 official, Donald Kohn.
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