At the same time, Bernanke has sought to prevent Congress from allowing audits of the central bank’s monetary-policy decisionmaking, saying that such audits could infringe the Fed’s independence.
Legislation that would open the Fed’s policy to scrutiny from lawmakers was proposed by former US representative Ron Paul and his son, US Senator Rand Paul, both Republicans. The proposal is known as “Audit the Fed.”
Fed Vice Chairman Janet Yellen has been nominated to succeed Bernanke. The Senate vote on her nomination is scheduled for tomorrow.