Senate Democrats Oppose Fed 'Audit' Bill

Democrats on the Senate Banking committee on Wednesday voiced opposition to a bill that would force the U.S. Federal Reserve to undergo a wider government audit.

Sherrod Brown of Ohio, the top Democrat on the committee, is against the bill, his spokeswoman said.

Committee member Jack Reed is also against the bill, the Rhode Island senator told Reuters. Massachusetts Democrat Elizabeth Warren is opposed to it as well, her spokeswoman said.

Republican Senator Rand Paul of Kentucky re-introduced the audit bill earlier this year and recently organized a rally in Iowa to whip up public support for the legislation.

A full government audit would result in the Fed's monetary policy discussions being exposed. Officials at the U.S. central bank have warned that that could hurt decision-making.