Sweeping Support for Federal Reserve Audit Means Likely Senate Pass
July 13, 2010
According to RAW, the Obama Administration has withdrawn their concerns, saying that the final draft of the bill will not keep the Fed from setting currency values, or doing the job they are assigned to do.
In addition to this, Senators on both sides are largely supportive of the legislation, which has been called for by much of the public, who is distrustful of the secretive nature of the department.
Originally, Democrats (and a few Republicans) were set to defeat the bill, which they said would create too much interference in the agency, and keep them from proper economic monitoring.
The Dems wanted a separate division within the Federal Reserve, and the Republicans wanted an agency within the FDIC. The fight is harsh, but the audit is one part of the process that both sides agree on.
A reformation of the bill proposed by Senator Bernie Sanders (I-Vermont) seems to have done the trick.
“We are confident that the revised amendment proposed by Senator Sanders strikes the appropriate balance: providing full transparency of lending programs while protecting the bedrock principle of central bank independence on monetary policy that has served our nation so well,” Deputy Treasury Secretary Neal Wolin said in an official statement.
One of the biggest parts of the bill would require the Fed to publicly post all lending information before and after the crisis by the first of December on their website.