A call for congressional hearings examining allegations of lax management at the Federal Reserve Board hit home with at least one central bank governor last week.

"There is compelling evidence that business-as-usual should not continue at the Fed, especially when budgetary excesses at the Fed represent a direct cost to taxpayers," Sens. Byron Dorgan, D-N.D., and Harry Reid, D- Nev., wrote in a letter to Senate Banking Committee Chairman Alfonse M. D'Amato.

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