WASHINGTON -- President Bill Clinton has blunted a drive by the chairman of the House Banking Committee for legislation to reform the Federal Reserve and make Fed officials more accountable to the public.

In a Sept. 20 letter to Henry Gonzalez, D-Tex., Clinton told the committee chairman that "on balance, I am disinclined to seek a change in the Federal Reserve Act at this juncture." Gonzalez, who plans an extensive set of oversight hearings next month on the way the Fed operates, released copies of the letter; on Friday.

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