October 17, 2011

A congressional audit of the Federal Reserve’s 12 regional banks looks set to land this week with a whimper instead of a bang as energies and sympathies on Capitol Hill have shifted since the financial crisis that spawned the inquiry.

The study of the central bank’s far-flung network was mandated by the Dodd-Frank law that last year rewrote financial rules to try to prevent a repeat of the financial crisis.

Since then, however, Republicans have captured control of the House of Representatives, putting more of a focus on reining in a Fed which some lawmakers see as meddling in fiscal affairs than rooting out perceived cronyism at the regional banks.

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