Sanders' Audit-The-Fed Measure Passes - - Unanimously

[babylonsister]

http://www.washingtonmonthly.com/archives/individual/2010_05/023750.php

SANDERS' AUDIT-THE-FED MEASURE PASSES -- UNANIMOUSLY.... As recently as last week, opposition to Sen. Bernie Sanders' (I-Vt.) measure to audit the Federal Reserve was still pretty strong. But on Thursday, there was a breakthrough -- Sanders tweaked his proposal and quickly garnered the support of the Democratic leadership and the White House.

In particular, Sanders agreed to limit the scope of the audit a bit, but still require the Government Accountability Office to scrutinize all the Fed's emergency lending dating back to December 2007.

In a result that was hard to predict, the Senate approved Sanders' proposal today -- unanimously.

The 96-0 vote came after Sen. Bernie Sanders (I-Vt.) modified an earlier version of the audit legislation that was strongly opposed by the White House and Federal Reserve. They argued the amendment would compromise the independence of U.S. monetary policy.

The Sanders amendment would require a new audit of the Fed's emergency lending during the financial crisis and a new audit of the central bank's governance.

It's just not common for a proposal that draws the ire of industry lobbyists to win on a unanimous vote. I guess opponents had trouble thinking of a rationale to vote against it.

The result is a proposal that's not quite as ambitious as originally planned, but which will still produce more Fed transparency, and a full accounting of the Fed's emergency lending, including loans to AIG and Bear Stearns.

The entire effort was considered something on the "fringe" for quite a while. Now it's poised to get a new label: law.

—Steve Benen

[no_hypocrisy]

1. I'm fine as long as Arthur Andersen isn't doing the auditing.

http://en.wikipedia.org/wiki/Arthur_Andersen

[Cha]

2. Good!

[Donnachaidh]

3. and if the WH opposes this, what's the odds of a threat to veto?

Somehow I don't think this is over with the vote. I'd love to be a fly on the wall with future *meetings* regarding this.

That being said - I'm glad this vote went through this powerfully.

[babylonsister]

4. From May 6: Obama administration now supports Fed audit

http://news.yahoo.com/s/ap/20100506/ap_on_bi_ge/us_financial_overhaul_treasury


Obama administration now supports Fed audit
AP

Thu May 6, 6:06 pm ET


WASHINGTON – The Obama administration now says it supports a proposal to audit the Federal Reserve's lending practices that has won broad bipartisan backing in the Senate.

Deputy Treasury Secretary Neal Wolin said last-minute changes to an amendment before the Senate would ensure that the Federal Reserve's monetary policy authority would not be compromised by an audit.

The audit has been pushed by a bipartisan coalition led by independent Sen. Bernard Sanders of Vermont. The audit by Congress' investigative arm, the Government Accountability Office, would examine bank lending by the Fed before and after the 2008 financial crisis.

Earlier in the day, Wolin said the administration feared an audit would intrude on the Fed's independence.

[Donnachaidh]

14. so the audit is watered down enough to make it palatable to the WH and Geithner?

Then it's more photo-op than REAL audit, huh?

[Hippo_Tron]

5. The White House supports the fed audit compromise

They are fine with investigating the lending activities that went on around the time of the collapse but they support monetary policy autonomy.

[HughMoran]

6. Obama supports it AND 96-0 is veto proof

:rofl:

[phleshdef]

7. Why would you ask that when the White House supported its passing to begin with?

[karynnj]

10. Vetoing something that passed unanimously is unlikely

[disillusioned73]

8. Is anyone else skeptical...

I mean how do you get a 96-0 vote with all that corporate and lobbyist money out there?? Something stinks..

[Obamaknowzz]

16. see below

[Ter]

9. Watered-down version

Won't really do anything good.

[Inuca]

11. Because.... ? n/t

[Ter]

12. The real Audit-the-Fed bill failed 37-62

http://senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=111&session=2&vote=00138

[Inuca]

19. The REAL one?

Here is the information on the amendment you link to:

S.AMDT.3760
Amends: S.3217 , S.AMDT.3739
Sponsor: Sen Vitter, David (submitted 4/30/2010) (proposed 5/11/2010)
AMENDMENT PURPOSE:
To address availability of information concerning the meetings of the Federal Open Market Committee, and for other purposes.

TEXT OF AMENDMENT AS SUBMITTED: CR S3013-3014

STATUS:

5/11/2010:
Amendment SA 3760 proposed by Senator Vitter to Amendment SA 3739.
5/11/2010:
Amendment SA 3760 not agreed to in Senate by Yea-Nay Vote. 37 - 62. Record Vote Number: 138.
COSPONSORS(7):

Sen DeMint, Jim - 5/11/2010
Sen Grassley, Chuck - 5/11/2010
Sen Hatch, Orrin G. - 5/11/2010
Sen McCain, John - 5/11/2010
Sen Bunning, Jim - 5/11/2010
Sen Crapo, Mike - 5/11/2010
Sen Risch, James E. - 5/11/2010

http://thomas.loc.gov/cgi-bin/bdquery/z?d111:SP3760:

And here is the list of the YEAs

YEAs ---37
Barrasso (R-WY)
Brownback (R-KS)
Bunning (R-KY)
Burr (R-NC)
Cantwell (D-WA)
Chambliss (R-GA)
Coburn (R-OK)
Cochran (R-MS)
Collins (R-ME)
Cornyn (R-TX)
Crapo (R-ID)
DeMint (R-SC)
Dorgan (D-ND)
Ensign (R-NV)
Enzi (R-WY)
Feingold (D-WI)
Graham (R-SC)
Grassley (R-IA)
Hatch (R-UT)
Hutchison (R-TX)
Inhofe (R-OK)
Isakson (R-GA)
LeMieux (R-FL)
Lincoln (D-AR)
McCain (R-AZ)
Murkowski (R-AK)
Risch (R-ID)
Roberts (R-KS)
Sanders (I-VT)
Sessions (R-AL)
Shelby (R-AL)
Snowe (R-ME)
Thune (R-SD)
Vitter (R-LA)
Webb (D-VA)
Wicker (R-MS)
Wyden (D-OR)

There are a few dems, it's true... still I'd rather have an amendment introduced by Sanders pass and consider it the "real one", than an amendment introduced by Vitter.

[Ter]

20. Sanders wanted the original

But when it failed, he supported the original. Vitter didn't do the bill on his own, Ron Paul authored it in the House. The establishment big bankers on both sides opposed it.

Now, I am not in agreement with Ron Paul on many things, but he is right on Federal Reserve issues, as is Dennis K.

[CTLawGuy]

13. He "tweaked" it?

Arrgh. He's a RIGHT WING sellout!! and a corporatist too! Can't we get a REAL progressive?

I'm so disappointed and betrayed! After I worked my ASS off to get him elected :mad:

:cry: :cry: :cry: :cry: :cry: :cry: :cry: :cry: :cry: :cry:

[boppers]

18. Sanders is under the bus, too?

Wow.

[CTLawGuy]

21. if he isn't he SHOULD be

;)

[Obamaknowzz]

15. How do you remove the label "emergency loan" from your account?

:rofl:

[Obamaknowzz]

17. Oh, but maybe this is just getting the gummints foot in

the door. Kinda like HCR, then do more later. I'll believe it when I see it thank you.