Sanders Sells Out on Audit the Fed

[midnight]

What is going on here? There are two parallel movements to audit the fed. The one, HR 1207 in the House and S 604 in the Senate, is backed by Ron Paul, Alan Grayson, Sanders, and Demint. It has sparked a transpartisan coalition standing firmly for transparency and advocates for a FULL audit of the Federal Reserve.

However, there is another side. Vulnerable Senators and Representatives have noticed that auditing the fed resounds with 75% of the American people, according to Rasmussen. This means that even the establishment wants to look like they support transparency. This has prompted people like Mel Watts to attempt to exempt what the Sanders amendment exempts. They want only a one time audit, not the ability to have transparency whenever the need arises.

By the way, I would suggest you check out Alan Grayson’s opinion on the matter: http://www.youtube.com/watch?v=v22lX4rIbt8

This is a shadow war in our Congress, between real transparency and appeasement of such a principle. Unfortunately, Sanders just defected to the other side. Please call your Senators to get an up or down vote on the original S 604!http://seminal.firedoglake.com/diary/45774


If this audit is limited to emergency spending, GAO will not be able to look at Fed’s foreign central bank swaps and its purchasing of mortgage debt from Fannie Mae and Freddie Mac. Sanders should allow this investigation to include all the transactions and not just emergency.... Why would Sanders agree to this?

[Jefferson23]

1. Sanders sells out?

Plan for Congressional Audits of Fed Dies in Senate

Last-minute maneuvering in the Senate allowed the Federal Reserve to sidestep legislation that would have exposed its interest-rate decision-making to congressional auditors.

Pressure from the Obama administration led Senate lawmakers to alter a provision pushed by Sen. Bernie Sanders (I., Vt.) that was gaining momentum despite opposition from the Treasury and the Fed. It would have largely repealed a 32-year-old law that shields Fed monetary policy from congressional auditors.

The compromise, endorsed by Senate Banking Committee Chairman Christopher Dodd (D., Conn.) and the Treasury, would require the Fed to disclose more details about its lending during the financial crisis. It would also require a one-time audit of those loans and a one-time review of Fed governance. A formal vote was pushed back until next week.

Thursday's Senate showdown came after senators on the left and right joined forces to support Mr. Sanders' provision.

Read more: http://online.wsj.com/article/SB10001424052748704370704...

[Duppers]

2. you bet I'll call my senators

http://www.youtube.com/watch?v=4s5qZxWrJQo

[Doctor_J]

3. Did Hartmann ask Bernie about this today?

I was out of town and missed Thom's program