Yes, the House already passed the audit measures - looks like the Democrats are already moving to strip the Fed of their independence and also to audit them.
Probably not one of the best ideas - although the audit makes sense.
House Strikes at Wall Street
Bill Would Usher in Biggest Change to Finance Regulation Since '30s; Curbs on Fed
http://online.wsj.com/article/SB126055726422487665.html
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The bill, written in large part by House Financial Services Committee Chairman Barney Frank, aims to fill gaps in the regulatory toolkit exposed by last year's crisis. It would give the government the power to break up even healthy financial companies if regulators believe they pose a threat to the financial system. It will also direct the Federal Deposit Insurance Corp. to collect $150 billion in fees from big financial institutions to create a fund to pay for future large failures.
Business and banking groups lobbied hard to kill the bill, particularly the consumer agency, which critics charge would have the effect of restricting credit to consumers.
"Certain provisions in the legislation will undermine our shared goal of market stability and reducing systemic risk," said Timothy Ryan, president and chief executive of the Securities Industry and Financial Markets Association, in a written statement. "We believe there can be additional improvements in the Senate," said a spokesman for Bank of America Corp.
"A new agency is just a whole new bureaucracy," J.P. Morgan Chase & Co. Chief Executive James Dimon said Tuesday at an industry conference.
The final vote was 223-202, with 27 Democrats joining unanimous Republican opposition.
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Seems like the Democrats are pushing reform and audit. So much for the independence of the Federal Reserve.
If you can’t model the past, where you know the answer pretty well, how can you model the future? - William Happer Cyrus Fogg Brackett Professor of Physics Princeton University