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Paul is 'wrong' on audit-the-Fed bill, Fisher says
February 9, 2015 / 10:02 PM / 3 years ago

Paul is 'wrong' on audit-the-Fed bill, Fisher says

(Reuters) - A Federal Reserve official said on Monday a U.S. senator is wrong to suggest the central bank needs more transparent oversight from Congress, saying a proposed “audit the Fed” bill would politicize monetary policy-making.

Richard Fisher, president of the Federal Reserve Bank of Dallas, speaks on "U.S. Economy and Monetary Policy: Where to From Here?" during at luncheon in Hong Kong April 4, 2014. REUTERS/Tyrone Siu

“I’ll be blunt: we are audited out the wazoo,” Dallas Fed President Richard Fisher said on Fox Business Network. “This (bill) is about interfering with the making of monetary policy. I respect the gentleman from Kentucky but he is wrong,” Fisher said of Senator Rand Paul, who backs the bill.

An outspoken hawk who is stepping down mid-March, Fisher repeated he expects the Fed to raise interest rates “some time this year.” He said the Fed will consider the rising U.S. dollar in its decision only to the extent that it influences exports.

“It does impact us in terms of one of the key variables, which is net exports, it affects how much we can sell abroad” and at what price, he said.

Reporting by Jonathan Spicer; Editing by Chris Reese

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