Former Federal Reserve Vice Chairman Alan Blinder isn't too impressed with the new House bill designed to increase the central bank's accountability and transparency.

"While the House can't manage to engage on important issues like tax reform, immigration reform and the minimum wage, it's more than willing to propose radical 'reform' of one of the few national policies that is working well," he writes in The Wall Street Journal.

To be sure, the Federal Reserve Accountability and Transparency Act does include some good ideas, such as shortening the news blackouts before and after meetings of the Fed's policymaking Federal Open Market Committee, Blinder says.

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Accountability and transparency are worthy goals, he says. But the bill "includes some corkers, such as requiring public disclosures—in advance—before entering into international negotiations, disclosures that could make such negotiations next to impossible," Blinder writes.

"How would you like to play your poker hand open?"

The bulk of the bill doesn't concern transparency or accountability, he says. "Instead, it seeks to intrude on the Fed's ability to conduct an independent monetary policy, free of political interference."

Some would question Blinder's assertion that Fed policy is working well. David Stockman, former White House budget director, says the Fed's massive easing program is creating asset bubbles.

"We need to have the Fed change course dramatically," he told CNBC. "We've had 68 months of zero percent interest rates running. There's nothing like this in history."

He was referring to the Fed's federal funds rate target, which has stood at a record low of zero to 0.25 percent since December 2008.

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