Fed chairman pens op-ed panning proposed audit

The head of the US central bank said Saturday he was "concerned" by some congressional proposals aimed at regulating the US financial system that infringe upon the powers of the Federal Reserve.

"I am concerned, however, that a number of the legislative proposals being circulated would significantly reduce the capacity of the Federal Reserve to perform its core functions," Federal Reserve Chairman Ben Bernanke wrote in an op-ed piece in The Washington Post.

He said some proposals considered by the US Senate as part of attempts to strengthen US government regulation of the financial sector would strip the Fed of all its bank regulatory powers. (more)