Dodd and Gregg Block Audit-the-Fed Amendment, Frank Tells Committee

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A House-passed
provision to open up the Federal Reserve to an audit by the Government
Accountability Office is unlikely to be included in the Senate reform
package, Barney Frank told a meeting of House Financial Services
Committee members Wednesday, according to people in the room.

Frank, chairman
of the committee, told the members that Senate Banking Committee
Chairman Chris Dodd (D-Conn.) told him that he had assured Sen.
Judd Gregg (R-N.H.) that it wouldn’t be a part of the bill. Gregg
has been a strident opponent of the effort to open the Fed to an

Last November,
Gregg said that "passage of the Paul Amendment by the House
Financial Services Committee is a dangerous move by this Congress
to pander to the populist anger currently directed against our central
bank, the Federal Reserve," in
a statement
after the committee
an amendment sponsored by Reps. Ron Paul (R-Texas)
and Alan Grayson (D-Fla.).

On Wednesday,
Gregg told HuffPost he wasn’t aware that the Fed audit provision
wouldn’t be part of the final package.

"I’m not
aware this happened. I’ve not been involved in this negotiation,
so I’m probably the wrong person to talk to, because I don’t know
anything about it," Gregg said.

Dodd is negotiating
the Fed-audit provision directly with Sen. Richard Shelby (R-Ala.).
Spokespersons for Dodd and Shelby didn’t respond to requests for

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22, 2010

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