WASHINGTON -- House Banking Committee Chairman Henry Gonzalez said he was seeking to determine the extent to which foreign-controlled banks influence the policies of the Federal Reserve System.

"I would like to know exactly what role foreign banking interests, some closely connected to foreign governments, play in decision-making functions in the Federal Reserve by virtue of the composition of the boards of directors of the Reserve Banks," Rep. Gonzalez said in a letter to Fed Chairman Alan Greenspan.

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