President Obama should do Americans a favor and get behind the AUDIT THE FED amendment rather than fighting it.
His actions in this matter subvert every campaign promise he made about accountability and transparency.
When Congress passes the Sanders “AUDIT THE FED” amendment today important information will be audited by the Government Accountability Office such as:
> > > Decisions about what toxic assets were accepted by the Fed as collateral
> > > How such assets were valued
> > > Who bailout funds were given to
These decisions are wholly separate from the Fed’s core monetary policy decision: raising or lowering interest rates.
The GAO audits the US Department of Defense but they dont second guess the battlefield plans of the generals.
In the same light the GAO will be examining that proper controls are in place to protect the interests of American taxpayers and examine whether Wall Street is being disproportionately benefited in trading and borrowing from the Fed.
Current cosponsors for “Audit the Fed” amendment:
- Sen Begich, Mark [AK] – 5/5/2010
Sen Bennett, Robert F. [UT] – 5/3/2010
Sen Boxer, Barbara [CA] – 4/29/2010
Sen Brownback, Sam [KS] – 4/29/2010
Sen Bunning, Jim [KY] – 5/3/2010
Sen Cantwell, Maria [WA] – 5/5/2010
Sen Crapo, Mike [ID] – 4/29/2010
Sen DeMint, Jim [SC] – 4/29/2010
Sen Dorgan, Byron L. [ND] – 4/29/2010
Sen Feingold, Russell D. [WI] – 4/29/2010
Sen Graham, Lindsey [SC] – 4/29/2010
Sen Grassley, Chuck [IA] – 4/29/2010
Sen Hatch, Orrin G. [UT] – 4/29/2010
Sen Leahy, Patrick J. [VT] – 4/29/2010
Sen McCain, John [AZ] – 4/29/2010
Sen Murkowski, Lisa [AK] – 5/5/2010
Sen Risch, James E. [ID] – 4/29/2010
Sen Shaheen, Jeanne [NH] – 5/4/2010
Sen Vitter, David [LA] – 4/29/2010
Sen Wicker, Roger F. [MS] – 4/29/2010
Sen Wyden, Ron [OR] – 4/29/2010
More at Riski: Reform of the Federal Reserve