The first paragraph of the story by The Washington Times sums up what happened earlier this week with the Sanders amendment to Chris Dodd’s financial reform bill:

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.