March 3 (Bloomberg) -- House Financial Services Committee Chairman Barney Frank asked Federal Reserve Chairman Ben S. Bernanke to investigate allegations of Fed involvement in the Watergate scandal and Iraqi weapons purchases in the 1970s and 1980s.

Representative Ron Paul asked questions about “inappropriate political interference” and “hidden transfers of resources” during a Feb. 24 hearing with Bernanke, and the allegations “must be fully investigated,” Frank said in a letter today to Bernanke and obtained by Bloomberg News.

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