Challenges to the Fed

AUDITRepresentative Ron Paul wants to end the Federal Reserve. He has broad support in the House, though not the Senate, for a milder measure that would allow the Government Accountability Office to audit Fed monetary policy. Outlook: If passed, could face veto.

SUPERVISIONSenator Christopher Dodd is seeking to take away the Fed's bank-supervisory powers. Outlook: Dodd seems to be one of the few strong proponents of this approach.

FREEDOM OF INFORMATIONBloomberg LP, the new parent of BusinessWeek, is suing to learn what collateral the Fed received for emergency loans to financial institutions during the crisis. Outlook: The Fed has already lost in federal district court and could lose on appeal as well.

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