S. AMDT 3738, an amendment with strong similarities to S. 604 “Audit the Fed” is getting a lot of traction in the Senate. The Washington Post reports:
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.
Read the rest here.
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.
Stop the Compromise
According to our sources on the Hill, Senator Bernie Sanders has unfortunately given in to pressure from the White House and Chris Dodd and stripped out the Paul-Grayson language from his Fed transparency amendment.
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.