Sen. Sanders’ Audit-the-Fed Bill Passes 96-0
May 12, 2010
Sanders’ bill was scaled back to audit the Federal Reserve lending made only during the financial meltdown, as far back as December 2007. And no review would be made of the Fed’s policy decisions.
“The Sanders amendment would require a new audit of the Fed’s emergency lending during the financial crisis and a new audit of the central bank’s governance. It expressly leaves out an audit of the Fed’s monetary policymaking. Sen. David Vitter (R-La.) is still backing the original version of the amendment, which is expected to fail.”
“Rep. Ron Paul (R-Texas), a longtime critic of the Fed, criticized Sanders for modifying the amendment. The House passed legislation in December with a stronger provision on Fed audits; the two bills still need to be reconciled.”
Paul referred to Sanders’ bill, as “watered down” but it should be pointed out that Paul’s ultimate goal is to completely abolish the Federal Reserve.