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Matt Stoller, former staff member for Representative Alan Grayson and writer for Naked Capitalism, talks to Cenk about the behind-the-scenes effort that was needed to include an Audit the Fed amendment in the 2009 financial reform bill, which Congress passed into law.
This long interview provides well-informed insight into the operation of Congress, how legislation is made, and the political process in general. Matt Stoller has been involved in progressive politics in a variety of roles. He writes for www.nakedcapitalism.com and is currently the political correspondent for the TV show BrandX with Russell Brand, which airs Thursday nights on FX.
On November 19, 2009, the Committee on Financial Services approved the Paul-Grayson amendment to the Financial Stability Improvement Act of 2009 (H.R. 3996). The amendment includes many provisions of the Federal Reserve Transparency Act, including removing GAO audit restrictions and allowing a more complete audit of the Federal Reserve, including reviewing various policies and agreements with foreign entities. It was passed by in a 43-26 vote, with bipartisan support despite opposition from former supporter and Committee Chairman Barney Frank. The amendment was also opposed by Federal Reserve Chairman Ben Bernanke, Treasury Secretary Tim Geithner and others from the Obama administration.