Fyodorov's Subcommittee To Oversee Central Bank
Feb. 08, 1994
MOSCOW (AP) _ Boris Fyodorov, an economic reformer who quit last month as Russia's finance minister, may get revenge: He was elected today to head a parliamentary subcommittee overseeing his longtime rival.
Fyodorov will chair the State Duma's Subcommittee on Credit and Monetary Policy, which oversees the Russian Central Bank and its chairman, Viktor Gerashchenko.
He told reporters he will immediately schedule hearings on Central Bank policy.
Fyodorov, an advocate of tight monetary and fiscal policies, blames Gerashchenko for spurring inflation by printing money and issuing government loans to inefficient state-run factories and farms.
When President Boris Yeltsin and Prime Minister Viktor Chernomyrdin reorganized the Russian Cabinet last month, Fyodorov demanded Gerashchenko's removal as one of his conditions for remaining as finance minister.
After Chernomyrdin refused to fire Gerashchenko, Fyodorov quit.
Under the Russian Constitution, the Central Bank enjoys wide independence in printing money and issuing loans. But Fyodorov's subcommittee may be able to pressure Gerashchenko to be less generous in handing out state funds to failing enterprises.