C4L Press Release On Audit The Fed

Full Fed Audit Amendment Voted Down in Senate

Washington, D.C., May 11, 2010 – Today, the U.S. Senate voted 62 to 37 against an amendment to allow greater transparency at the Federal Reserve.

This amendment was introduced to counter a weaker amendment that would have required only a one time audit just of Fed emergency programs. The new amendment was similar to the original H.R. 1207 audit bill introduced by Congressman Ron Paul and added to the House financial reform package.

“The Sanders Amendment is no substitute for a complete and thorough audit of the Fed,” said John Tate, President of Campaign for Liberty. “With this vote, we now have a record of those who really want transparency and those who only pay lip-service to it while upholding the status quo.”

If the entire financial regulation bill makes it out of the Senate, it heads to the House, where House Financial Services Committee Chairman Barney Frank will choose which version to move forward on.

“The Dodd bill itself is just another bad piece of legislation, which will benefit no one except the Fed and its friends at big banks,” said Tate. “It institutionalizes bailouts for banks and subsidizes risky financial decisions.”

“Despite what happens with the financial regulation bill, we will continue pushing Congress for an up or down vote on H.R. 1207, which is the only full audit to allow true transparency in our financial system.”

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