Elizabeth Warren

One of President Obama’s top economic advisers said Tuesday he opposed “dangerous” legislation that would give lawmakers closer scrutiny over Federal Reserve deliberations.

Jason Furman, chairman of Obama’s Council of Economic Advisers, called pending legislation subjecting monetary policy deliberations to outside review “somewhere between superfluous and highly counterproductive.”

He added that he would encourage President Obama to oppose the bill if it reached his desk. That opposition could be noteworthy, as previous efforts have stalled in a Democrat-led Senate, which is now in GOP control.

Furman argued that the bill, presented by its proponents as a needed check on the central bank, would effectively allow lawmakers critical of the Fed to second-guess its moves.

“What that bill is about is about Congress supplanting its judgment as to what monetary policy should be,” he said in an interview with Bloomberg TV. “Congress shouldn’t be telling the Fed what to do with monetary policy.”

http://thehill.com/policy/finance/232337-wh-official-audit-the-fed-bill-is-dangerous