Details of the Revised "Audit the Fed" Amendment

[florida08]

After making some major changes late in the day today, Sen. Bernie Sanders' amendment to audit the Federal Reserve has the support of Banking Committee Chairman Sen. Chris Dodd and the White House, both of whom were concerned that opening the Fed up to audits would threaten their independence.

The revised amendment (.pdf) would not amend U.S. law so as to indefinitely open up the Fed to full audits like the original amendment would have. Instead it is focused on making information about the Fed's actions in response to the financial crisis public. It would reveal information about which banks received special deals from the Fed, how much money they got, and when we can expect to get it back. But after that, the Fed would go back to operating under the same level of secrecy they enjoy currently.

http://www.opencongress.org/articles/view/1864-Details-of-the-Revised-Audit-the-Fed-Amendment

[The Northerner]

1. It seems that TPTB won for now. K&R