Gonzalez Readies ESF, Warehousing Amendment FED's Greenspan, Treasury's Brady Opposed

REGULATIONS

The foreign exchange market may be headed for its biggest shake-up ever this September when House Banking Committee Chairman Henry Gonzalez submits an amendment that, if passed, could dramatically change the face of U.S. intervention.

Gonzalez is preparing an amendment that would grant the General Accounting Office (GAO) the authority to audit and investigate the actions of the Federal Reserve and the Treasury with respect to foreign exchange intervention, and would put an end to warehousing.