The Associated Press
Thursday, May 6, 2010; 2:52 PM
WASHINGTON -- A top Treasury official says the Obama administration opposes a proposal to audit the Federal Reserve, a plan that has bipartisan Senate support.
Deputy Treasury Secretary Neal Wolin said an amendment to a pending financial regulation bill could encroach on the independence of the central bank. The amendment's sponsor, independent Sen. Bernard Sanders of Vermont, has criticized the Fed for secrecy in its assistance of banks.
The Fed sets interest rates that have broad economic consequences. The House financial regulations bill also requires an audit by the Government Accountability Office.
Wolin predicted that a Republican proposal to dilute the power of a proposed consumer protection entity would be defeated.
"could encroach on the independence of the central bank"...??