new york republican lawmakers federal reserve may ready strike compromise deal legislation would give congress great scrutiny central bank long threat presidential veto would likely stop short dictate rule set interest rat donald trump victory presidential election give republicans control white house well house congress next month remove likely veto legislation overhaul governance feed democratic president even republicans need support senate democrats senate majority shrink 52-48 split november poll republicans push limit feed ability decide policy believe central bank overstep mandate use extraordinary measure stimulate economy since financial crisis say reform priority next year interview lawmakers aid top feed officials indicate could common grind deal mark possible departure central bank resolute opposition reform different paths workable solution say representative bill huizenga republican chair house representatives subcommittee monetary policy trade huizenga last year introduce legislation tie policy decisions benchmark rule risk audit congressional watchdog tell reuters open exactly audit would look like need early first thing do trump administration federal reserve decline comment potential legislation position huizenga bill last year would force feed operate directive rule like one name conservative economist john taylor prescribe interest rat base level inflation employment growth would sea change way feed long operate review economic condition weigh decisions interest rat free set policy deem appropriate bill would leave room discretion would open door congress launch real-time review rate decisions central bank stray far rule something feed chair janet yellen call grave mistake would damage bank credibility distract focus long term economic goals strict taylor rule key federal fund rate rate bank lend money bank overnight basis would one two percentage point high base calculations federal reserve bank cleveland huizenga proposal part broad bill champion jeb hensarling influential republican chair house financial service committee winnow back financial regulations hensarling call feed reform top priority say will negotiate legislation would typically require supermajority pass senate republicans hold simple majority need compromise order win support democrats feed could find ways satisfy demand insight could use exist semi-annual report congress cite array well-known monetary policy rule explain arrive decisions reference rule could provide desire transparency even side-step threat probe congressional watchdog another alternative would make audit schedule ad hoc could help curb partisan challenge policy real-time preserve feed flexibility crises still regular review would allow congress see federal reserve policymakers sift economic data forecast reach rate decisions feed begin raise rat republicans complain offer shift set reason move slowly include political turmoil market volatility overseas hint compromise could achieve come summer cleveland feed publish list seven well-known policy rule show recommend rat vary 0.14 percent 3.08 percent feed policy rate 0.25-0.5 percent expect rise quarter point week look number rule ... monetary policy simple thing cleveland feed president loretta say recent interview hope change congress push do thoughtful way disrupt benefit current system explicit reference feed swell balance sheet propose legislation hensarling critics call firm plan sell 3.5 trillion treasury mortgage bond central bank amass wake 2008 financial crisis bond purchase extraordinary measure take stimulate growth many republican lawmakers say bond purchase inappropriately increase feed role economy amount finance government measure ban statutes critics say feed plan shed assets interest rat start normalize vague suggest could work way increase congressional oversight feed maintain policies transparent face deep recession frustratingly slow recovery yellen colleagues also say feed best achieve twin mandate price stability target percent inflation maximum sustainable employment free short-term political interference close goals take together republicans pursuit reform make future feed policy big global uncertainty say peter hooper former feed official chief economist deutsche bank securities could lead aggressive rate hike roughly two-per-year currently expect quick trim balance sheet say sell bond even halt purchase mature would raise market yield amount tight monetary condition get fed-reform bill trump hand require consensus say representative frank lucas another republican house monetary policy subcommittee get would need explain senate would constrain feed future crisis lucas acknowledge concern taylor rule would dramatically alter feed flexibility tell reuters staff consider possible adjustments propose bill would appear something huizenga could live already analysis maybe ask share analysis huizenga tell reuters add hop election trump cause feed leadership rethink stiff-arming reform federal reserve republican critics may compromise oversight trump win