The majority of American Parliament has adopted the draft law, which obliges the Federal Reserve to report on taken decisions before the country’s main Budget Committee. 327 Congressmen have voted for the adoption of the draft law, only 98 people were against. The package of documents is now to be discussed by the Senate. If the draft law is adopted by the upper chamber of the parliament, it will be sent to the President for signing.
According to the new draft law, the Budget Committee of American Congress will estimate the effectiveness of Central Bank monetary policy. Basic interest rate is the major question to be discussed. It has lately remained at the minimal level within the range of 0-0.25%. Bankers are concerned about such actions, and the Head of FRS Ben Bernanke keeps saying that taking under control the actions of FRS will result in its loss of independence.
Ron Paul, Congressman from Republican Party, who was promoting the Law about CB Financial Reporting, is supposed to retire soon at the age of 76 years. It is worth mentioning that Paul’s political career is built on non-stop critics of the FRS, which the politician accuses of US economic recession and budget deficit. Paul is convinced that independence and sovereignty of the Central bank presuppose secrets, which is not good.
US dollar rate is traded within the downtrend of H3 wave C, starting from 83.85. Support is provided by points 82.62 and 82.48. Mid-term downtrend will be changed only when sloping channel and safety pivot 83.85 are broken and reversal FZR figure is formed, as stated by the experts of Masterforex-V Academy.
