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Proponents of auditing the Federal Reserve have a new bill to support their cause. Sen. Jeff Merkley (D., Ore.) and Sen. Bob Corker (R., Tenn.) introduced legislation today to require the Government Accountability Office to audit several of the central bank’s emergency lending programs that were created during the financial crisis.
To avoid disrupting markets, the legislation directs the GAO to redact from its reports the names of specific institutions using the programs and “identifying details regarding assets or collateral” held in the audited facilities. But that information woul
Merkley, in a statement, said the legislation “strikes the right balance between protecting taxpayer dollars and respecting the central bank’s responsibility to manage monetary policy.” Mr. Corker said it allows audits of emergency facilities “without inappropriately compromising the independence of the Fed or politicizing its role in crafting monetary policy.”
Originally posted by mike dangerously
I'm surprised there is even a Senate version of this bill! I always figured if it ever did get that far along they would stick it in some financial sub-committee and let it rot.Of course it's severely watered down but at least the Senate is talking about the Fed even if it's just a show.