Posted: Sep 25, 2009 10:15 AM by Anne Flaherty
House lawmakers are trying to pry open the books of the famously secretive Federal Reserve with legislation that would subject the central bank to a sweeping congressional audit.
The effort is overwhelmingly bipartisan. Hardline conservatives and liberal Democrats have banded together in their criticism of the Fed as a major power broker in the financial system that doesn't answer to Congress.
Friday's debate comes as lawmakers consider a proposal by President Barack Obama that would give the Fed new powers to prevent another economic crisis.