Tuesday
May112010
Sanders Amendment To Financial Reform Bill Passes Easily
Tuesday, May 11, 2010 at 12:53PM
An amendment to increase the transparency through which the Federal Reserve (Fed) operates passed on Tuesday by a vote of 96-0.
The measure, sponsored by Sen. Bernie Sanders (I-Vt.), would require the Government Accountability Office (GAO) to conduct a one-time audit of the powerful central banking agency, going back to December 1, 2007. At a press conference with reporters immediately following the vote, Sanders praised his colleagues for their unanimous support.
"What just transpired is an historic vote for the American people in terms of finally bringing transparency to what is perhaps the most powerful federal agency, and that is the Fed," he said.
A similar amendment that would've required the GAO to conduct a far more wide-ranging audit, and would've made such audits recurring, failed by a vote of 62-37. The measure was the product of Sanders's initial, less watered-down effort to shine more light on the Fed, mirrored after a proposal put forth by Reps. Ron Paul (R-Texas) and Alan Grayson (D-Fla.) that passed the House last year.
After Sanders modified his amendment, Sen. David Vitter (R-La.) re-introduced the original version.
The measure, sponsored by Sen. Bernie Sanders (I-Vt.), would require the Government Accountability Office (GAO) to conduct a one-time audit of the powerful central banking agency, going back to December 1, 2007. At a press conference with reporters immediately following the vote, Sanders praised his colleagues for their unanimous support.
"What just transpired is an historic vote for the American people in terms of finally bringing transparency to what is perhaps the most powerful federal agency, and that is the Fed," he said.
A similar amendment that would've required the GAO to conduct a far more wide-ranging audit, and would've made such audits recurring, failed by a vote of 62-37. The measure was the product of Sanders's initial, less watered-down effort to shine more light on the Fed, mirrored after a proposal put forth by Reps. Ron Paul (R-Texas) and Alan Grayson (D-Fla.) that passed the House last year.
After Sanders modified his amendment, Sen. David Vitter (R-La.) re-introduced the original version.
Reader Comments (2)
Hello,
Please pass this to Bernie Sanders, you boob we need to audit the fed totally. They have stolen more than 28 trillion now where is it? The Fed is private and beholding to no-one. In congress they asked where is the money and Bernackie told them I ain´t gonna tell you! The fed is a scam plane and simple. Plus the 1000 point drop was financil terrorism to say you don´t want to audit us.
Thanks,
bob
What a joke! Oooh, a one time audit focused on one single event. The Fed must be shaking in its boots.