The Federal Reserve would have to disclose more about supervision of the biggest, riskiest banks under legislation aimed at increasing Fed accountability introduced by Representative Scott Garrett, a New Jersey Republican on the House panel overseeing the central bank.
The bill would require the Fed to perform a cost-benefit analysis of any new banking rule and disclose more about bank stress tests. The Fed vice chairman would have to testify on financial rulemaking if the post of vice chairman for supervision remains unfilled, and the Fed Board would need to release to Congress its internal audit of supervision and regulation.
"Millions of Americans are impacted by the Federal Reserve's regulatory policies, yet by and large it operates in secret," Garrett, a member of the House Financial Services Committee, said today in an e-mail. "It is vital to ensure that the Fed is accountable to the people's representatives."
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