WASHINGTON, June 26 (UPI) -- House Democrats said an expansion of the U.S. Federal Reserve's mandate first requires an explanation of its reaction to the economic recession.
"I believe that before Congress acts on the president's financial services reform proposal we need to have a thorough understanding of what caused the current financial crisis and how the federal government responded," said Rep. Edolphus Towns, D-N.Y., chairman of the House Committee on Oversight and Government Reform.