The Federal Reserve would be subject to a controversial public audit under legislation passed by the House on Thursday.
A bill authored by Rep. Bill Huizenga (R-Mich.) to overhaul how the nation’s central banking system operates passed on a largely party-line vote of 241-185.
Conservatives have been pushing for years to “audit the Fed” in pursuit of promoting transparency.
“The Fed is not using a transparent monetary policy. And so because of this, greater transparency, greater accountability is necessary. Otherwise, we may soon awake to discover that our central bankers have morphed into our central planners,” said House Financial Services Committee Chairman Jeb Hensarling (R-Texas).