WASHINGTON — House and Senate negotiators agreed Thursday to broaden the scope of a new set of audits of the Federal Reserve by the Government Accountability Office to include transactions involving the Fed’s discount window and open market operations. But the Federal Reserve dodged attempts to extend Congressional review over its monetary policy decisions.
The Senate had previously approved a provision that would require a government audit of the Federal Reserve’s emergency lending authority, a move that arose in response to the Fed’s actions in the 2008 financial crisis. But the House-Senate conference committee wanted to go further, subjecting the Fed to regular audits of its routine operations.
As negotiators dived into a third day of trying to produce a final version of the financial regulatory overhaul, they fell behind the tight schedule outlined last week by Representative Barney Frank of Massachusetts and Senator Christopher Dodd of Connecticut, the Democratic leaders who have shepherded the bills through the process.
That schedule calls for the completion of the conference by the end of next week, with a bill approved and sent to President Obama for his signature by Independence Day.
http://www.nytimes.com/2010/06/18/business/18regulate.html?th&emc=th
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