House panel OKs plan.

WASHINGTON (Reuters) - A U.S. congressional panel on Thursday approved a measure to open the Federal Reserve's monetary policy decisions to government audits, a surprise blow to the central bank's efforts to shield its independence and a signal of frustration with the central bank. The provision, co-sponsored by Republican Representative Ron Paul and Democrat Alan Grayson, would allow a congressional watchdog agency to conduct a broad review of the U.S. central bank's policy and lending. Fed officials have strongly opposed it, saying it would cast doubt on the central bank's independence from political pressure...link and link

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