A bill seeking to open up previously undisclosed deliberations of the Federal Reserve to Congressional scrutiny passed in the House of Representatives on Wednesday by a vote of 327 to 98.
The measure, proposed by Rep. Ron Paul, R-Texas, who has been a long-time critic of the Fed, would allow audits of the Fed’s monetary policy operations. The Fed currently releases summaries of transcripts from its interest-rate settings meetings after a three-week delay, but does not release full transcripts for five years.
The measure is not expected to pass the Democratically-controlled Senate, and passed largely on party lines in the House.
