Audit the Fed Passes in 96-0 Bipartisan Landslide
Sen. Bernie Sanders’ (I-Vt.) Audit the Fed amendment to Sen. Chris Dodd’s (D-Conn.) financial regulatory reform bill just passed the Senate in a bipartisan
Jul 31, 2020168.7K Shares2.5M Views
Sen. Bernie Sanders’ (I-Vt.) Audit the Fed amendment to Sen. Chris Dodd’s (D-Conn.) financial regulatory reform bill just passed the Senate in a bipartisan landslide, 96-0 — with every Senator present on board with the populist amendment. The Sanders amendment requires the Government Accountability Office to audit most of the Federal Reserve’s books since Sept. 2008 by Dec. 2010.
Speaking just before the vote, Sanders said that people now “recognize the immense power of the Fed, and people are demanding transparency of the Fed.” He said that when “leaders of largest financial institutions in the country sit down with the Fed…lo and behold programs are developed that benefit those same financial institutions!” — that the Fed’s emergency lending programs, enacted unilaterally, were the driving force behind the amendment.
He also promised: “This is not the end. This is the beginning. We are beginning to lift the veil of secrecy on what is perhaps the most important agency in the United States government.”
The Senate has not voted on Sen. David Vitter’s (R-La.) amendment adding Rep. Alan Grayson (D-Fla.) and Rep. Ron Paul’s (R-Texas) language for continual audits of the Fed. The Sanders amendment does require the Fed to disclose future emergency lending programs.
Paolo Reyna
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Paolo Reyna is a writer and storyteller with a wide range of interests. He graduated from New York University with a Bachelor of Arts in Journalism and Media Studies.
Paolo enjoys writing about celebrity culture, gaming, visual arts, and events. He has a keen eye for trends in popular culture and an enthusiasm for exploring new ideas. Paolo's writing aims to inform and entertain while providing fresh perspectives on the topics that interest him most.
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