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6 things worth fighting for in the Senate bill

Excellent table via Rortybomb… although it’s actually 7 or 8 things worth fighting for in the Senate financial reform bill…

Mr. Rortybomb misses a big one related to legislation on the Federal Reserve…

Ryan Grim of HuffPo writes about it the grant of $4 trillion of lending authority to the Federal Reserve with no Congressional oversight

~~~ “The Wall Street reform bill headed for a test vote on the Senate floor Monday night will allow the Federal Reserve to continue to pump trillions of dollars into major banks largely in secrecy, the co-author of House language that would open the central bank to an audit charged in a memo to the Senate.

“The Senate has a provision in its reform bill that purports to audit the Fed. But, it really doesn’t do anything of the sort. I’m going to run down the details for you, and reprint the legislative language so you can read it yourself,” writes Rep. Alan Grayson (D-Fla.).

It would not allow the GAO to look into the Fed’s massive purchase of toxic assets, its hundreds of billions in foreign currency swaps with other central banks or its open market operations, among other restrictions…” ~~~

No one has discussed the massive expansion of power for the Federal Reserve in the Dodd bill and the lack of  provision for the GAO auditing of the Fed … critical issues…

After Monday’s cloture vote the amendment race will begin…

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Bloomberg video — Amar Bhide, visiting scholar at Harvard University, says financial overhaul moving `Much too quickly’: