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'Audit the Fed' Coalition Gains Steam in US Senate --

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defendandprotect Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-27-10 01:06 PM
Original message
'Audit the Fed' Coalition Gains Steam in US Senate --
Edited on Tue Apr-27-10 01:07 PM by defendandprotect
Broad Bipartisan Coalition Fighting Fed In Senate

Huffington - by Brian Grim

As unusual a coalition as can be crafted in the Senate plans to fight for an amendment to the Wall Street reform bill that would open the Federal Reserve to a serious audit by the Government Accountability Office. Sponsored by Sen. Bernie Sanders (I-Vt.), the language is modeled after an amendment that passed the House, sponsored by Reps. Alan Grayson (D-Fla.) and Ron Paul (R-Texas).

Sanders is joined by four Republicans of varying politics: John McCain (Ariz.), Jim DeMint (S.C.), David Vitter (La.) and Sam Brownback (Kan.). If Democrats in the Senate back the measure, it would have at least 63 votes, but Banking Committee Chairman Chris Dodd (D-Conn.) is opposed and has argued against a broad audit.

The chairman of the Judiciary Committee, Sen. Pat Leahy (D-Vt.), is also a cosponsor, as is Sen. Russ Feingold (D-Wisc.). The group is actively gathering cosponsors as the Senate continues to vote to break a GOP filibuster which is preventing debate from beginning.

"For nearly nine decades, the GAO has a proven track record of conducting objective, fact-based, nonpartisan, non-ideological, fair, and balanced audits. Through these audits, the GAO helped save the American taxpayers $50 billion last year alone by rooting out waste, fraud, and abuse in the federal government," reads a letter circulated by Sanders. "Let's not equate independence with secrecy. We cannot let the Fed operate in secrecy any longer. There is simply too much money at stake."

Letter:
Support the Sanders-Feingold-DeMint-Leahy-McCain-Vitter-Brownback Federal Reserve Transparency Amendment to the Financial Reform Bill

The American people have a right to know who received over $2 Trillion in financial assistance from the Federal Reserve.

More . . .
http://www.huffingtonpost.com/2010/04/27/broad-bipartis...
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The Northerner Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-27-10 01:13 PM
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1. +1
... but Banking Committee Chairman Chris Dodd (D-Conn.) is opposed and has argued against a broad audit.

:mad:
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LiberalAndProud Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-27-10 08:37 PM
Response to Reply #1
6. That line did stand out didnt it?
And I feel compelled to ask, "Why Chris? Why?"
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Rex Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-27-10 01:21 PM
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2. Wow, it is all unraveling for the greedy uber-rich. Guess they
will have to move to one of their summer homes...maybe in Greece...
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defendandprotect Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-27-10 02:49 PM
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3. We'd better keep it "unraveling" -- the elites never quit -- !!!
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defendandprotect Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-27-10 08:10 PM
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4. k
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wildbilln864 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-27-10 08:35 PM
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5. k&r! nt
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Trillo Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-27-10 08:45 PM
Response to Original message
7. Secrecy and privacy for the richest , a "market" that by design is entirely anonymous.
Wonder what the lesson is for average citizens who, say, have their health insurance canceled because they get a serious disease? In other words, no anonymity for citizen clients of corporations, only for wealthy corporations that answer to no one.

This is a rigged game by fundamental design.
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chill_wind Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-27-10 10:56 PM
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8. K & R. n/t
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amborin Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-28-10 12:37 AM
Response to Original message
9. K&R much needed; Robert Reich noted all the
secret donations to the banksters that preceded the actual bailouts....under Geithner's watch at the NY FEd....as one example...
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