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January 23, 2014

GOP Lawmaker Calls for Greater Fed Transparency

“WASHINGTON — Rep. Scott Garrett, R-N.J., a senior member of the House Financial Services Committee, is preparing to unveil legislation designed to increase public awareness of the Federal Reserve Board’s rule-writing process.

“Garrett, who summarized the provisions of his bill in a Wall Street Journal op-ed posted Tuesday night, said too much of the Fed’s regulatory activities — including its drafting of Dodd-Frank Act rules — “take place in secret.”

“As the Fed’s own website notes, the central bank has convened only five open meetings on rule-making during 2012 and 2013,” Garrett said in the op-ed. “This situation requires reform, and to this end I will shortly introduce in Congress the Federal Reserve Accountability and Transparency Act. Its straightforward provisions will help open up the often opaque workings of the central bank.”

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