A last-minute amendment to the bankruptcy reform bill passed in the Senate Wednesday opens the Federal Reserve to congressional scrutiny.
The amendment was pushed by Sen. Charles Grassley of Iowa, the highest ranking Republican on the finance committee, and quietly breezed through 95 to 1. Grassley said that his measure wasn't aimed at limiting the Fed's independence, but that Congress just wanted to know a little bit about what it's doing.
The proposal is, said Grassley, "an important reform for holding the entities involved in the massive taxpayer-funded economic bailout accountable to the public."
14 hours ago
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