The Federal Reserve will not face a voluntary audit of its practices initiated by the Obama administration to open its books, Bloomberg News reported Monday.

The Fed Board of Governors rejected an initiative by Treasury Secretary Tim Geithner to conduct a "comprehensive review" of the Federal Reserve's functions.

The Fed had come under scrutiny in the past year for its roles in facilitating the financial crisis and subsequent bailouts, with lawmakers in both parties pushing for the monetary institution to open its books for an audit.

Rep. Ron Paul (R-Texas) had sponsored a bill requiring a Fed audit, which attracted 290 cosponsors in the House. A companion bill in the Senate introduced by Sen. Bernie Sanders (I-Vt.) has 27 cosponsors.

Bloomberg reported that Fed officials had rejected the Geithner effort to voluntarily audit the institution out of a concern over its danger to the Fed's independence and traditionally low profile, Bloomberg reported.