2014-07-25T215156Z_1_LYNXMPEA6O0Z9_RTROPTP_2_USA-FED

House panel set for Tuesday vote on Fed transparency bill

U.S. Federal Reserve Chair Yellen testifies before the Senate Banking Committee on Capitol Hill in WashingtonThe House Financial Services Committee said on Friday that it will vote on a bill next week aimed at bringing more transparency to the Federal Reserve, including the controversial requirement of adopting a rules-based approach to its policy. Fed officials and economists have expressed concern that the legislation threatens to strip independence from the Fed, which sets monetary policy for the United States under the dual mandate of keeping unemployment low and keeping prices stable. The bill, which Fed Chair Janet Yellen has criticized in public testimony, will come up for a House vote on Tuesday, committee chairman and Texas Republican Jeb Hensarling said in a statement. The Republican-sponsored legislation is unlikely to gain any traction in the Democrat-led Senate, but it could come up for a “show” vote in the House before congressional mid-term elections.

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