After complaining for months about what they see as the Federal Reserve's recalcitrance and opaqueness, lawmakers are now rolling out concrete legislative proposals to make the world's most powerful central bank more accountable.
Senate Banking Committee Chairman Richard Shelby is putting the finishing touches on a bill that could give Congress more power over the New York Fed and create a commission with authority to propose sweeping reforms of the entire Fed system.
Other senators want to curb the Fed's ability to bail out banks during a financial meltdown and increase transparency of its regulation.
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