House panel approves bill to force Fed to follow rule

Reuters News
Posted: Jul 30, 2014 9:59 AM

WASHINGTON (Reuters) - The House of Representatives Financial Services Committee narrowly approved a bill on Wednesday that would require the Federal Reserve to follow a specific rule when implementing monetary policy.

The prospects for the legislation, which is opposed by the Fed - the U.S. central bank - to become law this year are slim. Even if it were approved by the Republican-led House, there is no sign the Democrat-controlled Senate would take it up.

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(Reporting by Michael Flaherty; Editing by James Dalgleish)