Senate Approves Audit of Fed’s Emergency Lending

Senate Adopts Sanders' 'Audit The Fed' Amendment

tpmdc.talkingpointsmemo.com

The Senate today voted overwhelmingly to adopt an amendment, authored by Sen. Bernie Sanders (I-VT), forcing a comprehensive review of the Federal Reserve's emergency lending activities. The amendment passed by a 96-0 vote.

Though the measure was always popular, it faced extraordinary opposition from the White House, Wall Street and the Fed itself. Late last week, in a move that defused the opposition, and may have saved Wall Street reform legislation, Sanders agreed to limit the scope of the audit to emergency lending only, exempting other Fed activities.

(visit the link for the full news article)



[edit on 11-5-2010 by MysterE]

I don't believe what i'm reading. Is it possible that the Fed will actually be audited? I wonder what will come of this. Can someone corroberate this info, (or pinch me, bc I think i'm dreaming)

Now they plan to limit this to emergency spending only but it is definatly a step inthe right direction.

In December, the House of Representatives adopted a similar provision--authored by Reps. Alan Grayson (D-FL) and Ron Paul (R-TX)--that would have required a comprehensive Fed audit. But though Grayson still supports a full audit, he applauded the steps that the Senate is taking in a statement last week. "There is deep bipartisan support for a full audit of the Federal Reserve, in both the House and the Senate," Grayson said. "The Sanders Amendment takes a significant step in that direction. I will work hard to help Dr. Paul and Senator Sanders to get a full Fed audit in the final bank reform bill. It is time for America to know what happened to our money."

-E-

tpmdc.talkingpointsmemo.com
(visit the link for the full news article)


[edit on 11-5-2010 by MysterE]

Additional links:
Senate Backs One-Time Audit of Fed’s Bailout Role
Senate Approves Audit of Fed’s Emergency Lending

-E-

In effect, what Sanders did was to gut the original proposal and present something more palatable to the FED and the government.

Any investigation of any kind will be like the 9/11 investigation - very limited in scope, with clearly defined avenues of enquiry and with a predetermined outcome.

In other words, business as usual.

reply to post by Britguy


You may be right, but this is a HUGE step in the right direction.

THE FREAKIN FED IS GOING TO GET AUDITED!!!!!!

-E-

reply to post by MysterE
"Know your friends, know your enemies better...' For this reason only, I subscribed to MoveOn.org and get their perverse emails. I was rather shocked to receive a request to call my senators and demand they audit the Fed! So of course I complied. I also notified Ron Paul of this. Seriously, anyone have any idea the motive behind this? What is their plan of attack now? When the American enemies do something to help America, why?

Don't quote me on this and someone please correct me if I'm wrong but a couple of days ago I read that they made so many amendments to this bill that it lost all the things the 'Audit the Fed' crowd, including Ron Paul, had been rallying for.

Basically, all this does is sprinkle fairy dust and blow rose petals at the FED now after all the effective knuckle sandwiches have been removed.

Essentially, it was amended to be that whatever they did find wrong in the audit, the FED would not be responsible and not lose any of their power or ability in the future. So in a nutshell is comes down to a 'We found this wrong with your books. Don't do it again, you naughty boys.' *wags finger*

And that's it. Total loss of momentum and a buzz kill if I read the articles on it correctly.

reply to post by AshleyD


I think they realized they could only get the emergency funding audited as of now. I know this leaves the majority unchecked, but I think we can all argee this is a large step in the right direction.

-E-

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An audit of the Fed's emergency lending is NOT what we need.

We need an audit of the Fed's operational books going back 100 years.

The truth does not begin after the emergency.... but then I already know what the elites will say... "Let us not focus on the past - we need to be looking towards the future."

The Fed (and ALL her transnational peers) were ALL complicit in a profiteering scheme that conned almost every nation on earth, and this "audit" does everything to limit any review of the facts outside of what happened a couple of years ago.

Pathetic, weak, and a true reflection of the sycophantic posture of the career politician's who strive to protect them and theirs.

The truth is, if we DEMAND to audit the actual activities of the Fed on an international and national level, they will simply demolish the dollar and cause pain and suffering to avoid scrutiny.

If we KNEW the truth somehow - although never explicitly stated - it would be "bad" for them. Interesting balance of priorities, no?