The Chicago City Council's Progressive Reform Caucus plans to introduce an ordinance at Wednesday's council meeting aimed at strengthening the city's "financial transparency and accountability." 

A resolution in support of the proposed legislation was heard Monday in the Finance Committee, according to the caucus.

In a news release, the caucus said it has been meeting with the Emanuel administration "for several weeks preparing the ordinance for introduction" at this Wednesday's city council meeting. 

"The ordinance," the caucus added, "seeks to impose rigorous review standards for extraordinary financial transactions," like the controversial interest rate swap agreements the city has with banks.

"We have worked closely with the Emanuel administration to develop this critical piece of legislation swiftly and comprehensively," said Ald. John Arena (45th). "We all have a common interest in protecting taxpayers and create financial stability for the City of Chicago."

Ald. Scott Waguespack (32nd) added: "We are hopeful that this ordinance will open the door for the public to see how one aspect of city finances operates. It's a step in the right direction for promoting transparency and communication regarding Chicago's finances."