It’s not often I find myself in agreement with Barney Frank…
Rep. Barney Frank, the chairman of the U.S. House of Representatives Financial Services Committee, said he plans legislation to restrict the Federal Reserve’s emergency lending powers and subject the central bank to a “complete audit.”
At a recent town hall meeting, Frank said the House would pass a bill to use an audit to crack open the central bank’s books more widely, but in a way that will not encroach on the central bank’s monetary policy independence.
…and now, when I probably should, I still don’t. If most anyone other than Frank had proposed the same thing — Ron Paul comes to mind — I’d be nodding my head. But I just can’t trust Frank not to politicize the Fed. Or rather, not to politicize the Fed any more than Bush, Obama, and Bernanke already have.