“U.S. Senator Jim DeMint Will Hold Bernanke Nomination Until Senate Votes on Auditing the Federal Reserve”

American Banking News reports on Senator Jim DeMint’s stand for a legitimate audit of the Federal Reserve:

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.

Read the rest here.