Eighty percent (80%) of Americans now agree with Congress that auditing the Federal Reserve Board is a good idea, according to a new Rasmussen Reports national telephone survey.

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Senators demanded Tuesday to be let in on what they called the most secretive, powerful federal agency in existence, voting overwhelmingly to audit the loans and deals the Federal Reserve made over the past three years but stopping short of demanding a full review of the Fed’s future monetary policy.

What the Sanders amendment really called for was a mere one-time disclosure of some emergency lending powers used by the Federal Reserve during the most recent fiscal crisis, not an audit.

While this disclosure is small step in the right direction, it does not go far enough in ensuring a proper check on the use of power by the Federal Reserve.

The Audit the Fed coalition will continue to advance a thorough, genuine audit of the Federal Reserve.

What Sanders is now proposing is essentially the Watt amendment the Audit the Fed Coalition opposed last year in the House.

Talking Points Memo reports that, “In order to allay some of the White House’s and the Fed’s concerns, Sanders has agreed to limit the scope of what the Government Accountability Office would be allowed to audit–but his plan will still require thorough review of all the Fed’s emergency lending, beginning December 1, 2007.”

Call Senator Sanders’ office at (202) 224-5141 and tell him how you feel about this last-minute compromise.

Click here for contact information for your senators and urge them to oppose this compromise.   Tell them it’s time to support a standalone vote on S. 604, Audit the Fed.

A vote could come even late tonight or early tomorrow.  Let your senators know where you stand right away. 

The American people deserve a full, thorough audit.

A contentious effort to expand audits of the Federal Reserve that sailed through the House despite heavy criticism appears to be picking up steam as the Senate considers broad new financial regulations.

Sen. Bernard Sanders (I-Vt.) is pushing an amendment to the financial overhaul bill before the Senate that would broaden the Government Accountability Office’s power to audit the Fed and compel the central bank to disclose details about the firms that received emergency federal aid during the financial crisis.

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Now is the best time to push for a full, complete audit of the Federal Reserve.  Contact your senators and urge them to support S 604.  When the vote comes up on Chris Dodd’s S. 3217, ask them to support the Audit amendment.

The Senate has been more hostile territory for the Fed audit provision. Banking Committee Chairman Chris Dodd (D-Conn.) opposes the Grayson-Paul version, but allowed a much more restrictive audit proposal from Sen. Jeff Merkley (D-Oregon) into his bill.

The Senate bill would allow an audit of the TALF program and slightly expands authority to audit emergency lending conducted under section 13(3) of the Federal Reserve Act, but restricts it to very specific purposes.

It would not allow the GAO to look into the Fed’s massive purchase of toxic assets, its hundreds of billions in foreign currency swaps with other central banks or its open market operations, among other restrictions.

This language isn’t unfamiliar.  Representative Mel Watt tried to introduce a similar “audit” provision to the House financial reform bill.  Thanks to your calls, emails, and faxes, the Paul-Grayson amendment was substituted for Watt’s before eventually passing the House.

Contact your Senators and demand that we must have complete transparency!  A standalone vote on S. 604 is long overdue in the Senate.  Let them know the American people will not stand for more secrecy when it comes to their money and this country’s financial institutions.

The Clearing House Association LLC, a group that includes Bank of America Corp. and JPMorgan Chase & Co., joined the Fed in defense of a lawsuit brought by Bloomberg LP, the parent company of Bloomberg News, seeking release of records related to four Fed lending programs.

The U.S. Court of Appeals in Manhattan ruled March 19 that the central bank must release the documents. A three-judge panel of the appellate court rejected the Fed’s argument that disclosure would stigmatize borrowers and discourage banks from seeking emergency help.

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Coalition members are still pressing for transparency.  Pressure is being applied to key Senators to pass S 604.  Take part in these efforts here.

Now his job security is in ours.

Be sure to immediately call your senators with a simple message: “No vote on Bernanke until we get a vote on Audit the Fed.”

Click here to find contact information for your senators.

Here’s what’s going on and why you need to act immediately:

Senator Jim DeMint (R-SC) has led the charge to place a “hold” on Bernanke’s nomination to a second term as Fed chairman until the Senate votes on Audit the Fed. This means to get a vote on Bernanke, Harry Reid has to have a vote on “cloture,” and that requires a super-majority of 60 votes.  Insiders believe that Harry Reid is threatening to ram through a cloture vote as early as next week.

Senator DeMint is joined by David Vitter, Jim Bunning, and Bernie Sanders in his efforts, but these senators cannot succeed alone.   A strong message from Audit the Fed activists like you could start a stampede in the Senate that will make Harry Reid back off of Bernanke and give us a vote on Audit the Fed.

Click here to find contact information for your senators.

Make sure you let them know that:

1.) If they are not cosponsoring Audit the Fed, you expect them to sign on in support of finding out what the Fed has done with trillions of our dollars. Tell them you will make sure their constituents know of their action or inaction on this issue.

2.) They must vote “no” on cloture until after there is a vote on Audit the Fed. No vote should be taken on Ben Bernanke’s confirmation, or the nomination of anyone else for Fed Chairman, until Audit the Fed has received a public, up or down vote. The real issue here is not the Fed chairman himself. It is the need for complete transparency.

Ben Bernanke’s term as Fed chairman expires on January 31, so Harry Reid is under pressure from President Obama to act quickly.

It’s time to turn up the pressure.

Take action today to push for a vote on Audit the Fed, S. 604!

Sincerely,

The Audit the Fed Coalition

In a letter to Gene L. Dodaro, director of the Government Accountability Office and acting U.S. comptroller general, Bernanke said the Fed would make available “all records and personnel necessary” if the GAO undertook such a review. Bernanke noted that the Fed already had made “a large amount of information” about the AIG bailout public, including regular reports about outstanding loan balances, and that it had provided testimony and documents to members of Congress and other oversight bodies.

Read the rest here.  Of course, the request comes right before he’s scheduled to be confirmed by the Senate.   It should go without saying that the American people deserve to know more than just what information the Fed “provides” at their leisure.

Federal Reserve Board Chairman Ben Bernanke on Thursday voiced his opposition to legislation calling for regular audits of the Fed’s monetary policies, but 79% of Americans think auditing the Fed is a good idea.

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One of those interesting moments came when U.S. Senator Jim DeMint (R-South Carolina), chairman of the Senate Steering Committee, said this: “I will … object to floor consideration of Mr. Bernanke’s nomination until the Senate votes up-or-down on the Federal Reserve Sunshine Act.”

The Sunshine Act refers to S. 604, which was sponsored by Senator Bernie Sanders of Vermont, and would remove restrictions on auditing important Fed practices like their open market operations, discount window operations, deals with foreign governments and their central banks, and their funding facilities.

The story ends with this gem:

One way or the other, the Federal Reserve isn’t ever going to be able to operate in the way it has in the past, and the secrecy surrounding its decisions will eventually be forced to come out in the open.

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