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05/11/2010 11:00 PM ID: 84078 Permalink   

Senate Votes on Whether to Audit the Federal Reserve

 

The Senate approved a plan to audit the Federal Reserve with a 96-0 vote, opening the secretive central bank up to scrutiny of its lending practices and who´s receiving its funds. The amendment was sponsored by Sen. Bernie Sanders of Vermont.

"We are on the verge of lifting the veil of secrecy on perhaps the most important government agency in the United States of America," Sanders said, "an agency which has control and spends trillions of dollars. They do it behind closed doors."

The Government Accountability Office would conduct a "top to bottom" audit of everything the Fed has done in response to the financial crisis since it began in December 2007. It´s part of the Democratic bill to reform the U.S. financial sector.

 
  Source: www.mcclatchydc.com  
    WebReporter: Ben_Reilly Show Calling Card      
  Recommendation:  
ASSESS this news: BLOCK this news. Reason:
   
  12 Comments
  
  ...  
 
This has to be one of the few unanimous decisions we´ve had in a long time.
 
  by: Kolman   05/11/2010 11:06 PM     
  ...  
 
I was thinking that this would be blocked. Glad to know its moving forward.
 
  by: vant   05/11/2010 11:22 PM     
  How is the Fed  
 
a government agency? Glad about the audit. Might be interesting stuff.
 
  by: John E Angel     05/11/2010 11:34 PM     
  BS  
 
Sanders watered-down the Fed audit portion of the bill:

http://www.youtube.com/...
 
  by: circuit_monkey   05/11/2010 11:56 PM     
  About time  
 
The White House strongly opposed this audit and only relented when common sense and overwhelming support became obvious.
 
  by: morganmacleod     05/12/2010 12:07 AM     
  @circuit_monkey  
 
You are correct. The Senate version strips a lot of oversight out of the bill. The only version of the bill that is powerful enough to take on the Fed legitimately is H.R.1207 by Paul and Grayson.
 
  by: Illustro Malum   05/12/2010 01:30 AM     
  @circuit_monkey  
 
Correct. It is sincerely watered down.

Sanders Amendment no longer contains a full audit. The amendment was acceptable to the administration, committee leadership, and to the (FED). That should be a red flag there.
Fact is it guts a audit of the most crucial transactions of the Fed. The amendment requires a one-time disclosure. All it will do is reveal the past and Americans would have proof of what they already know about who got bailed out by the Fed and as an added bonus we will know under what terms. Though it is better then no audit at all, there shouldn´t have been any amendment and all of them should have voted for a full blown audit. They should be forced to live under the same laws as any Bank or Business.
 
  by: hellblazer     05/12/2010 02:06 AM     
  This one-time audit  
 
is a straw man to take the steam out of the original bill which would have established regular audits.

The original bill was voted down 37-62 and then this one-time audit is 96-0.

Sounds like politicians are just covering their ass for election time while still looking out for the corporate buddies.
 
  by: sceptre_of_fertility   05/12/2010 05:38 AM     
  Another reason against a third party....  
 
"It´s part of the Democratic bill to reform the U.S. financial sector" (I´m not saying you made that part up, ben)

It wasn´t a Democrat´s idea. Anytime a third party gets a popular idea, one of the other two sides gobbles it up and then their normal party loyalists just stick to them and take the rest of their bad with the "new good."
 
  by: moxpearl   05/12/2010 06:21 AM     
  @Mox  
 
Sanders considers himself a Democratic Socialist, caucuses with the Democrats and is counted as a Democrat on his committee assignments. He´s often called the "most liberal" member of the Senate.

He is in no way what the Tea Party is advocating as "independent," i.e., far to the right of far-right Republicans.
 
  by: Ben_Reilly     05/12/2010 07:17 AM     
  It will silence many people  
 
because it looks like something is being done, but since it´s stripped down to a shadow of its former self, expect business as usual.
 
  by: jukebox   05/13/2010 02:30 PM     
  @Ben  
 
Like Ron Paul? Yeah he´s super far-right...not
 
  by: Illustro Malum   05/13/2010 05:06 PM     
 
 
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