"Senate Adopts Sanders' 'Audit The Fed' Amendment"

[Clio the Leo]

Socialisms!

Senate Adopts Sanders' 'Audit The Fed' Amendment
Eric Lach | May 11, 2010, 12:08PM

The Senate today voted overwhelmingly to adopt an amendment, authored by Sen. Bernie Sanders (I-VT), forcing a comprehensive review of the Federal Reserve's emergency lending activities. The amendment passed by a 96-0 vote.

Though the measure was always popular, it faced extraordinary opposition from the White House, Wall Street and the Fed itself. Late last week, in a move that defused the opposition, and may have saved Wall Street reform legislation, Sanders agreed to limit the scope of the audit to emergency lending only, exempting other Fed activities.

That preserved the broad intent of the plan, which was always aimed at bringing the Fed's shadowy activities during the financial crisis into the daylight. Under the terms of the proposal, the Fed will also be required to make public which companies received upwards of $2 trillion in aide from the Fed, and under what terms.

In December, the House of Representatives adopted a similar provision--authored by Reps. Alan Grayson (D-FL) and Ron Paul (R-TX)--that would have required a comprehensive Fed audit. But Grayson has indicated that he supports the limits Sanders placed on the terms of the audit, and will back it when the House and Senate meet to resolve the differences between their two bills.

Reporting by Brian Beutler.

http://tpmdc.talkingpointsmemo.com/2010/05/senate-adopts-sanders-audit-the-fed-amendment.php?ref=fpa

[SpiralHawk]

1. This is seriesly hugh !

ya gotta wonder what kinda retrograde clowns are unrecommending this thread

[dionysus]

3. oh, they're already in another thread calling it a sham, fake audit.

they'll be along shortly.

[SpiralHawk]

5. Gotta start somewhere

[saracat]

6. That this exists at all is no thanks to the WH. Thank you Bernie.

[SPedigrees]

2. Thank you Bernie! nt

[frebrd]

4. K&R! n/t

[saracat]

7. Shame on the WH. Their action was reprehensible. Thank you Bermie!

"Though the measure was always popular, it faced extraordinary opposition from the White House, Wall Street and the Fed itself. Late last week, in a move that defused the opposition, and may have saved Wall Street reform legislation, Sanders agreed to limit the scope of the audit to emergency lending only, exempting other Fed activities."