Fed’s Dudley shoots down “audit” bill

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The "audit the Fed" bill being prepared on Capitol Hill misrepresents the standards the Federal Reserve is currently held to and threatens to undermine the independence and effectiveness of monetary policy, New York Fed president William Dudley said on Wednesday.

In the most detailed argument against calls to scrutinise the Fed's policymaking to date, Dudley, a member of the rate-setting Federal Open Markets Committee (FOMC), implied that politicians were stirring up anti-Fed public sentiment by

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