The Fed Under Fire
The US Federal Reserve System has always been a work in progress, and now it is being subjected to the most severe attack by members of Congress since the Great Depression. But it is far from clear that the right response to the latest crisis is an abrupt turn away from the reforms adopted back then.
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CAMBRIDGE – The Federal Reserve is under attack. Bills subjecting the United States' central bank to “auditing" by the Government Accountability Office are likely to be passed by both houses of Congress. Legislation that would tie how the Fed sets interest rates to a predetermined formula is also being considered.