WASHINGTON, Nov. 20 (UPI) -- A congressional panel approved a bill that would put the traditionally independent U.S. Federal Reserve under closer scrutiny of politicians.
Fed officials opposed the measure and House Financial Services Committee Chairman Barney Frank, D-Mass., sought to soften the blow by taking the central bank's interest rate decisions off the table, but the bill proposed by Rep. Ron Paul, R-Texas, passed with support from Democrats and Republicans, The New York Times reported.