Congress Challenges Fed Authority On 100 Year Anniversary

  • Posted Wednesday, July 09, 2014 at 08:01 PM

TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold and Silver prices are mixed in choppy trade on Wednesday with Gold in positive territory at $1,324.80 an ounce as inflows increase into Gold backed ETFs in anticipation of a downbeat assessment of the economy contained in the minutes of the Fed's June policy meeting due to be released later today. Silver eased a bit to $21.09 an ounce.

While investors await the release of the Fed minutes, House of Representative members are preparing new legislation that would force the Fed to adopt strict guidelines for its monetary policy, or face an audit of the central bank's books. The House Financial Services Committee will hold a hearing on “Legislation to Reform the Federal Reserve on Its 100-Year Anniversary” on Thursday.

"The bill enhances the Federal Reserve’s accountability to Congress in the conduct of regulatory policy and requires transparency about the Federal Reserve’s bank stress tests and about international financial regulatory negotiations conducted by the Federal Reserve, the Treasury Department, and the Federal Deposit Insurance Corporation," according to the House memorandum on the matter.

“Over the past several years, the Federal Reserve has gained unprecedented power, influence, and control over the financial system while remaining shrouded in mystery to the American people,” said Rep. Bill Huizenga of Michigan, a proponent of the measure. The bill would severely tie the hands of Fed officials because it requires the Fed to use a specific, public equation based on inflation and economic data, when it makes decisions on interest rate movements.

Should the Fed adopt a rule that proves insufficient, the bill would then require the Government Accountability Office (GAO) to audit of the Fed’s entire monetary policy operation.

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