The Fed is opposed to a measure in the House finance bill that would give Congress's investigative arm the power to audit its decisions.

ECONOMIST: Business this week

The committee also called for the Auditor General to be allowed the "unfettered power" to audit the Financial Services Authority's work, given the billions of pounds of taxpayers' money that was now tied up in the banking system.

BBC: Report critical of Rock response

The Fiscal Responsibility Law needs complementing with further reforms, for example, one to give more power and independence to the audit tribunals that are supposed to check the books at all levels of government.

ECONOMIST: Progress and pitfalls in Brazil��s public finances