Senate Votes 96-0 to Audit Fed
Tuesday 11 May 2010
by: David Lightman | McClatchy Newspapers

(Photo: iChaz; Edited: Jared Rodriguez / t r u t h o u t)
Washington - The Senate voted 96 to 0 Tuesday to open the secretive Federal Reserve Board's emergency lending practices to a congressional audit, as well as require a detailed disclosure of who's getting the funds.
"We are on the verge of lifting the veil of secrecy on perhaps the most important government agency in the United States of America,” said amendment sponsor Sen. Bernard Sanders, Ind.-Vt., "an agency which has control and spends trillions of dollars. They do it behind closed doors."
Under the plan, Congress' Government Accountability Office would conduct "a top to bottom audit of all the Federal Reserve's emergency activities" since the economic crisis began in December, 2007. In addition, the Fed would have to put on its web site all recipients of money from than $2 trillion in emergency aid that the Fed has dispersed since then.
The audit is the Senate's latest change to legislation that would overhaul the nation's financial regulatory system, making it easier for the government to break up ailing banks and provide a strong, independent consumer agency to help people with credit questions and problems.
The Senate debate is in its second week, with Democratic leaders hoping for a final vote later this week. Still to come are disputes over how to deal with derivatives, the exotic financial instruments that helped spur the 2008 economic collapse, as well as questions about how to deal with government-sponsored mortgage finance titans Fannie Mae and Freddie Mac.
If the Senate passes the legislation, next it will have to be reconciled with a similar bill that the House of Representatives passed last year, with final compromise terms then having to pass both houses of Congress before President Barack Obama could sign it into law.
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Comments
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If it actually happens, this
Tue, 05/11/2010 - 15:54 — Uppity Woman (not verified)If it actually happens, this is great news!
This is good news.. i hope
Tue, 05/11/2010 - 16:30 — Anonymous (not verified)This is good news.. i hope it passes!
Is this a bigger charade
Tue, 05/11/2010 - 16:34 — Anonymous (not verified)Is this a bigger charade than what we have seen so far? Don't hold your breath that those who feed the culture of corruption will be held accountable for anything wrong....
We need to open a commission on the 911 incident to investigate the scientific, financial and logistics unanswered questions and to open how can someone declare in a DEMOCRACY, "you are either with us or you are with the terrorists". We must not let patriotism become following blindly the self-declared "protectors" and becoming a sheep.
Hallelujah! 96 - 0! Don't
Tue, 05/11/2010 - 16:37 — hiccuptruck (not verified)Hallelujah! 96 - 0! Don't doubt that all those emails, phone calls and letters had something to do with this. Keep up the pressure, y'all.
More drama to give the
Tue, 05/11/2010 - 17:19 — Lice-Christ (not verified)More drama to give the American people the impression that our government acts as a genuine watchdog over massive corporations, especially banks. The truth: 2012 elections are coming up and incumbents in both parties are beginning to piss their pants over the very real possibility that they will be replaced by rookie politicians. This is political theatre at its best, since the Fed is synonymous with the U.S. government itself.
Now, if they all unanimously
Tue, 05/11/2010 - 17:23 — Anonymous (not verified)Now, if they all unanimously voted to fire Ben Bernanke...
This is outstanding!
Tue, 05/11/2010 - 17:24 — Anonymous (not verified)This is outstanding! EVERYONE from card carrying commies to flaming libertarians, to gay marchers, to the kkk, and every various type of tea party supporter can ALL agree on the need to audit the fed.
I believe that when properly audited, the public will then agree on it's abolition thus ending this dark phase of our history.
We must be cautiously aware that this bill might be a fake, rendered toothless by inside manipulation, but the unanimous vote is truly amazing and gives me hope!
@22:24 who naively wrote:
Tue, 05/11/2010 - 17:40 — Lice-Christ (not verified)@22:24 who naively wrote: "We must be cautiously aware that this bill might be a fake, rendered toothless by inside manipulation, but the unanimous vote is truly amazing and gives me hope!"
Wrong. The truly "amazing" 96-0 bill shows that there really is no hope in controlling the drama queens who run our country, who in every other piece of legislation, have proven that they are Wall St's buddies, not regulators and here we are talking about The Mother of Wall St. the Federal Reserve!
This bill had already been
Tue, 05/11/2010 - 17:53 — Anonymous (not verified)This bill had already been gutted by the time of the vote. The heart of this bill originally was to audit the Federal Reserve Banks monthly meetings past, present and future. In order to placate the public, some kind of audit needed to be passed by the Congress. This bill will only allow an audit of Tarp funds allocated in 2009.
The Vitter amendment which was an attempt to reinstate auditing the monthly meetings was voted down 62-37 today.
Upon reading the headline I
Tue, 05/11/2010 - 17:59 — jack kane (not verified)Upon reading the headline I was impressed, but now that I've regained my senses, I suspect there is something fishy going on. No way the Washington stooges would vote for something like this unless it's a big joke.
The American government has rotted beyond hope. I think America is headed towards a revolution.
Don't be excited, Sanders
Tue, 05/11/2010 - 18:08 — Anonymous (not verified)Don't be excited, Sanders switched the bill to the one the Fed was lobbying for. This is a complete joke and dog and pony show. To see who voted for the real audit, Sanders original amendment before he changed it house before the vote
http://senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=111&session=2&vote=00138
Yet more deception The zero
Tue, 05/11/2010 - 18:25 — Louis Horvath (not verified)Yet more deception
The zero bit really gives it away.
Nobody against, really?
Either it was pass-the-joint day or this bill is going to make the US look like a nation of zombie sheep. Again.
Did anyone notice that
Tue, 05/11/2010 - 18:27 — Eamon (not verified)Did anyone notice that Sanders called the Fed a government agency? HeL-Lo-O, Bernie! It is a privately-owned blood-sucking mechanism that chumps like you allowed to obtain a counterfeiting monopoly. Get some brains; get some stones -- and KILL the Fed. This "audit" is going to be a farce.
Keep an eye on Medicare and
Tue, 05/11/2010 - 18:41 — Anonymous (not verified)Keep an eye on Medicare and Social Security as well as life insurance futures investments.
"On the verge of lifting the
Tue, 05/11/2010 - 19:23 — Anonymous (not verified)"On the verge of lifting the veil," lift muthaeffers, lift!!
@23:08 But Sanders DID VOTE
Tue, 05/11/2010 - 19:45 — Liced-Christ (not verified)@23:08
But Sanders DID VOTE FOR the original version, correct? That is what your link states.
Yeah right... more "show "
Wed, 05/12/2010 - 01:27 — Titus Andronicus (not verified)Yeah right... more "show " for the public
If they really do "audit the Fed" for real.. it will be with a road paved with dead bodies.get ready for lots of suicides , airplane accidents and heart attacks..if not outright terrorism by those who stand to lose from public disclosure of whats really happening "behind the scenes"...let me put it this way..if they do..it will open Pandora's Box and amount something close to a Civil War
The corruption is so deep , pervasive and "mind boggling" that even the public would have a hard time believing the profound moral depravity of our Financial Elite.
Good luck... "auditing the Fed... ..when Pigs Fly!!
The link to this article was
Wed, 05/12/2010 - 08:37 — Anonymous (not verified)The link to this article was sent to me so I read it. I have long ago dropped Truthout as one of my regular sources of information and opinion. This article is a reminder as to why.
totally agree, fed will not
Wed, 05/12/2010 - 10:02 — Anonymous (not verified)totally agree, fed will not really be properly audited the way it should. It wont be audited in any meaningful way as it should. However, there are 2 possibilities. 1) They might find something small to save face, which might get the ball rolling and get a few people in trouble. 2) It sets a precedent, although farcical and low, for future action against the fed.
Here's hoping for a brighter future.