WASHINGTON, July 7 (Reuters) - Two U.S. congressmen introduced a bill on Monday aimed at adding further scrutiny to the actions of the Federal Reserve.
Bill Huizenga, a Republican from Michigan, and New Jersey Republican Scott Garrett introduced H.R. 5018, the Federal Reserve Accountability and Transparency Act, according to a memo obtained by Reuters.
The bill would require the Fed to conduct cost-benefit analysis when adopting new rules and require transparency for the Fed’s stress tests on banks and on international regulations. The bill also would require the Fed to disclose the salaries of highly paid employees, the memo says.
Reporting by Michael Flaherty; Editing by Leslie Adler