09/11/2011 - Bank Of England Accountability

Bank Of England AccountabilityBank Of England Accountability.

A Treasury Select Committee (TSC) report is calling for the Bank of England (BoE) to be more accountable than originally proposed by the government in its legislation to reform financial regulation. The report also emphasised the need for governance at the BoE to be strengthened to reflects its new powers.

According to Andrew Tyrie, chairman of the TSC, the BoE will play an even more vital role in preventing future crises, but aspects of its governance appear outdated.

In the report, it also proposes that the governor of the BoE should be appointed for a single, non-renewable term of 8 years and that their appointment and dismissal should be subject to a statutory veto by the TSC.


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