Republicans in the 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 hearing was set for Thursday morning in Washington.
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. The bill also would require the Fed to disclose the salaries of highly paid employees, according to the memo, which was obtained by Reuters.
House staffers said the bill will be discussed at the hearing on Thursday.
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