U.S. House Republicans propose Fed reforms, set hearing

Sun rises to the east of the U.S. Federal Reserve building in WashingtonBy Michael Flaherty WASHINGTON (Reuters) – Republicans in the U.S. House of Representatives on Monday introduced a bill that would require the Federal Reserve to disclose more information, and set a hearing to discuss reform at the U.S. central bank. The title of the hearing is “Legislation to Reform the Federal Reserve on Its 100-year Anniversary,” according to an announcement by the U.S. House Financial Services Committee. The notice did not mention any specific legislation, but a memo sent later by committee staffers said two Republican congressmen have introduced H.R. 5018, known as the Federal Reserve Accountability and Transparency Act. The bill, sponsored by Representatives Bill Huizenga of Michigan and Scott Garrett of New Jersey, would require the Fed to conduct cost-benefit analysis when adopting new rules and require transparency for Fed stress tests on banks and on international regulations.

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