“With Congress getting close to finalizing an overhaul of the nation’s financial-regulatory system, Federal Reserve Chairman Ben Bernanke weighed in against provisions in the proposed legislation that would subject the central bank to more political scrutiny.
In a speech at the Bank of Japan on Wednesday, the Fed chief argued before an international audience that central banks independent from politics were better at managing the economy. He also detailed the steps the Fed had taken to become more transparent and accountable to the public, two conditions he said were needed in return for greater independence.
The Fed is waging a battle against a proposal approved by the House in December that would subject the U.S. central bank’s decisions to audits by the Government Accountability Office, an investigative arm of Congress.” Read more.
“Bernanke Continues Fight Against More Fed Scrutiny”
Luca Di Leo
Wall Street Journal, May 26, 2010.