Obama Administration Supporting Fed Audit in Wall Street Reform Bill

The audit has bipartisan support.

The Obama administration now says it supports a proposal to audit the Federal Reserve's lending practices that has won broad bipartisan backing in the Senate.

Deputy Treasury Secretary Neal Wolin said last-minute changes to an amendment before the Senate would ensure that the Federal Reserve's monetary policy authority would not be compromised by an audit. AP

The Fed and the White House originally opposed the audit.