The Federal Reserve Board is "mounting a concerted effort" to cover up waste and abuse in its check-clearing system, Rep. Henry B. Gonzalez, D-Tex., charged this week.

Rep. Gonzalez, the House Banking Committee's ranking Democrat, repeated calls for hearings to investigate whether the Fed unfairly competes with private-sector couriers and bilks taxpayers by subsidizing a fleet of planes to ferry checks across the country.

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