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.
Dodd’s S. 3217 Guarantees Fed Secrecy
From The Huffington Post:
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.