Senate Adopts Sanders' 'Audit The Fed' Amendment

[Danny]

Senate Adopts Sanders' 'Audit The Fed' Amendment

The Senate today voted overwhelmingly to adopt an amendment, authored by Sen. Bernie Sanders (I-VT), forcing a comprehensive review of the Federal Reserve's emergency lending activities. The amendment passed by a 96-0 vote.

Though the measure was always popular, it faced extraordinary opposition from the White House, Wall Street and the Fed itself. Late last week, in a move that defused the opposition, and may have saved Wall Street reform legislation, Sanders agreed to limit the scope of the audit to emergency lending only, exempting other Fed activities.

That preserved the broad intent of the plan, which was always aimed at bringing the Fed's shadowy activities during the financial crisis into the daylight. Under the terms of the proposal, the Fed will also be required to make public which companies received upwards of $2 trillion in aide from the Fed, and under what terms.

In December, the House of Representatives adopted a similar provision--authored by Reps. Alan Grayson (D-FL) and Ron Paul (R-TX)--that would have required a comprehensive Fed audit. But Grayson has indicated that he supports the limits Sanders placed on the terms of the audit, and will back it when the House and Senate meet to resolve the differences between their two bills.

Reporting by Brian Beutler.

[GigantorX]

Senate Adopts Sanders' 'Audit The Fed' Amendment

The Senate today voted overwhelmingly to adopt an amendment, authored by Sen. Bernie Sanders (I-VT), forcing a comprehensive review of the Federal Reserve's emergency lending activities. The amendment passed by a 96-0 vote.

Though the measure was always popular, it faced extraordinary opposition from the White House, Wall Street and the Fed itself. Late last week, in a move that defused the opposition, and may have saved Wall Street reform legislation, Sanders agreed to limit the scope of the audit to emergency lending only, exempting other Fed activities.

That preserved the broad intent of the plan, which was always aimed at bringing the Fed's shadowy activities during the financial crisis into the daylight. Under the terms of the proposal, the Fed will also be required to make public which companies received upwards of $2 trillion in aide from the Fed, and under what terms.

In December, the House of Representatives adopted a similar provision--authored by Reps. Alan Grayson (D-FL) and Ron Paul (R-TX)--that would have required a comprehensive Fed audit. But Grayson has indicated that he supports the limits Sanders placed on the terms of the audit, and will back it when the House and Senate meet to resolve the differences between their two bills.

Reporting by Brian Beutler.

Thus the amendment is a worthless and cynical joke. To his defense though, Sanders did say he capitualted to get the amendment passed and to merge it with the House version and adopt stronger language. This looks like a "foot in the door" measure.

But if Sen. Dodd backs this version and Obama now suddenly backs it.....that's the 'tell' to show you that the bill is crock of shit and they are culpable for the criminal activity that the Fed took part in. Which is all activity.

[Soul Crusher]

Obama is against auditing the Fed. 

[GigantorX]

Obama is against auditing the Fed. 

I believe Obama was against the meaningful and lawful amendment that backed a FULL audit of the Fed so the criminal and unconstitutional activity could be brought to light. I believe he now backs this limp-dick, half-measure that is the one that was passed.

[Soul Crusher]

Of course since it is all smoke and mirrors. 

[Bindare_Dundat]

BERNIE SANDERS IS A SACK OF SHIT.

[GigantorX]

BERNIE SANDERS IS A SACK OF SHIT.

A fucking sellout? Maybe. But he did state that he did this to just get the amendment into council and make the language as "strong as possible" when merging it with the house version.

I guess we will see.

But as I said, anything that has Obama's approval and, especially, Dodd's approval is a "tell" that the bill will protect anyone and everything from justice.

[Bindare_Dundat]

 anything that has Obama's approval and, especially, Dodd's approval is a "tell" that the bill will protect anyone and everything from justice.

This is the give away.

[Skeletor]

In a recent interview  Ron Paul expressed mixed feelings about the Sanders amendment:

Ron Paul: Bernie Sanders, who was supposed to introduce my amendment and brought it up and at the last minute changed it. And I did have a conversation with him [on Friday, May 7]. He did describe it as, “well that was the best” he could get, “it had to be watered down a bit. There was no way the other one would be passed,” that argument.

 I think he has one point. If his bill as it is written, even though it’s much different than my bill that I introduced, it probably would be better than the rest. But my point to him was that it would be important that we have the Senate at least be on record they haven’t voted for a much cleaner bill. If it doesn’t pass, then offer his as a substitute and pass it. Under those circumstances I may well support it but I would want to go for the best bill.

But it looks like Vitter may be introducing the much cleaner bill and I know Jim DeMint has worked hard on it. He would be supporting it to come up. Quite frankly I don’t think it will pass. I think Bernie is counting the votes, he claims he has to have 60 votes to pass anything. But you know, if Dodd is supporting what Bernie wants to do as well as Reid has said that he would support Sanders, and if they’re supporting it it means the president is going to sign it, and if they’re all supporting it, I would be very suspicious that the Fed is quite aware of this and they’re satisfied with this and maybe they think they’re getting off the hook.


http://www.ronpaul.com/2010-05-11/sanders-amendment-to-audit-the-fed-passes-96-0/