Paul, Grayson want Senate to delay Bernanke confirmation

Reps. Ron Paul (R-Tex.) and Alan Grayson (D-Fla.) are asking the Senate to delay confirming Ben Bernanke as Fed chairman for a second term.

The two populist-minded lawmakers want the Federal Reserve to make itself more transparent, releasing documents and shedding sunlight on what can be a somewhat opaque organization.

"Without such an understanding it is impossible to know whether Chairman Bernanke is fit to serve another term and fulfill the Federal Reserve's dual mandate to ensure price stbaility and full employment," the two wrote in a letter to Senate Banking Committee Chairman Chris Dodd (D-Conn.)

Specifically, the two lawmakers are demanding documentation about the Bear Stearns rescue package; information on which companies received $1.2 trillion in reserve funds; all documentation provided to New York Attorney General Andrew Cuomo for his investigation of the Bank of America-Merill Lynch deal; transcripts of meeting minutes; and all off-balance sheet transactions over the last three years.

Perhaps more interesting than the letter is the strange combination of authors. Paul is an ardent libertarian, while Grayson is a strident liberal. Both have been critical of the Federal Reserve from their respective ideological positions.