The Republican-led U.S. House of Representatives passed the Fed Oversight Reform and Modernization Act (FORM) on Thursday.

The bill would require the Federal Reserve to establish and publicize a mathematical rule by which it adjusts monetary policy, limit the private bank’s emergency lending powers, and expand the Government Accountability Office’s authority to audit the Fed’s monetary policy decision-making.

According to Zero Hedge, the proposal passed by a vote of 241-185.

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Republican Speaker of the House Paul Ryan said in a statement lauding the bill’s passage, “If the Federal Reserve explained to the public how it made its decisions, the American people would have greater confidence in them. Families could better plan for the future, invest their money wisely, and create opportunity for all of us. I thank Chairman Hensarling and the Financial Services Committee for offering this commonsense legislation.

A Tuesday letter from Federal Reserve Chair Janet Yellen to House Speaker Paul Ryan and House Democratic majority leader Nancy Pelosi read, “The bill would severely impair the Federal Reserve’s ability to carry out its congressional mandate and would be a grave mistake, detrimental to the economy and the American people.

There is no consensus among economists or policymakers about a simple policy rule that is best suited to cover a wide range of scenarios,” she added.

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A statement by FORM supporter and House Financial Services Committee Chairman Jeb Hensarling read, “Since the financial crisis, the Fed’s historically unconventional monetary policy and vastly expanded powers granted by Dodd-Frank would make the Fed unrecognizable to members of Congress who created it 100 years ago… While the Fed’s unusual monetary activities and power have increased, there has regrettably been no corresponding increase in its transparency and accountability. The FORM Act will correct that.

The White House has reportedly threatened to veto the bill. “If the President were presented with (the legislation), his senior advisors would recommend that he veto the bill,” read an Obama administration statement.

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