Wall Street banks are recoiling at a Republican push to subject the Federal Reserve to greater congressional oversight as bankers fear the consequences of politicians — including their own allies — meddling in monetary policy.
A campaign to “audit the Fed” has been championed by Rand Paul, the libertarian senator who launched his bid for the White House yesterday.
While bank executives are reluctant to go public with their concerns for fear of alienating top Republicans, some privately are expressing alarm that the once-quixotic issue is gathering more widespread support.
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