Toomey Wants the Fed More ‘Transparent,’ Subject to Oversight

Senator Pat Toomey, the top Republican on the Banking Committee, said the Federal Reserve needs to be more transparent and subject to greater congressional oversight.

The Pennsylvania lawmaker accused the central bank Thursday of “stonewalling Congress” by refusing to answer questions about its management of master accounts.

“They’ve taken a position that they’re not accountable to anyone,” Toomey said in an interview on Bloomberg Television’s “Balance of Power with David Westin.”

Toomey and other GOP senators have been demanding answers on the Kansas City Fed’s decision to grant -- and then apparently revoke -- a master account for ...