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Bill Huizenga

House approves GOP-led bill to boost Fed oversight

The Republican-controlled House approved a bill Thursday that supporters said would make the Federal Reserve more transparent and accountable, defying a veto threat.

The bill would direct the Fed to be more open in communicating monetary policy decisions and require the central bank to use a mathematical rule in deciding on interest rates. The House approved the measure on a 241-185 vote.

Federal Reserve Chair Janet Yellen called the bill's approach unworkable and said it would lead to "poor economic outcomes." The White House said in its veto threat statement that the bill could compromise the Fed's independence and undercut its credibility as it acts in the...