Fed to work with lawmakers on naming companies

WASHINGTON (Reuters) - The Federal Reserve is willing to work with U.S. lawmakers on ways to release names of companies that borrow from the central bank after a time lag so the disclosures do not disrupt markets, a Fed official said.

Scott Alvarez, the Fed's general counsel, told the House of Representatives Financial Services Committee on Friday that the idea was "something that we're giving serious consideration with and we'd be happy to work with you on."

Alvarez, testifying on proposed legislation that would subject the Fed to audits by the Government Accountability Office, said that allowing reviews of the Fed's monetary policy deliberations would undermine the U.S. central bank's independence and credibility.

The GAO is the investigative arm of Congress.
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