House Minority Leader Nancy Pelosi said she did not vote in favor of the House-passed bill that would audit the Federal Reserve because it “covered more territory” than necessary.
“The fact is, is that that bill covered more territory than I think it should have,” Pelosi told reporters Thursday on Capitol Hill. “I did not vote for it. There is interest in monitoring the Fed from the standpoint of certain of its activities.”
“But if Congress gets in the business of monitoring the Fed in terms of monetary policy, I think that’s a very — I don’t see that’s a very good path to go down,” she said. “And I don’t know that everyone who voted for the bill was subscribing to that part of the bill.”
“But should the Fed be accountable? Yes. Should they be able to have a discussion about it, about how monetary policy is made? I think they should be able to do that. But I don’t know that we — Congress and the public should be completely — having a political impact on monetary policy. And the central banks in all countries have these responsibilities, and if the thought is that we’re politicizing monetary policy, I don’t think it’s good idea.”
The legislation, H.R. 459 sponsored by Republican Rep. Ron Paul, would allow the government accountability office to conduct a full audit of the Federal Reserve. (RELATED: Harry Reid called for Fed audit as recently as 2010 campaign)
Democrats like Rep. Dennis Kucinich voted for the bill.
“It’s time that Congress stood for its Constitutional role: Article 1, Section 8, the power to coin or create money. It’s time we stood up for America’s 99 percent. It’s time that we stood up to the Federal Reserve that right now acts like it’s some kind of high exalted priesthood, unaccountable in a democracy,” Kucinich said on the House floor Tuesday.