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Old Ducker
05-04-2010, 02:08 PM
Fed Privately Lobbying Against Audit, Documents Show

First Posted: 05- 4-10 09:10 AM | Updated: 05- 4-10 10:21 AM

The Federal Reserve is privately lobbying against a bipartisan Senate amendment that would open the central bank to an audit by the Government Accountability Office, according to documents distributed to Senate offices by a Fed official.

The effort to beat back the audit relies on playing two members of the same caucus -- Sens. Bernie Sanders (I-Vt.) and Jeff Merkley (D-Ore.) -- off each other.

In order to obtain the documents, HuffPost agreed not to reveal the name of the Federal Reserve official who did the specific lobbying in question. Fed officials, including Chairman Ben Bernanke, have made public statements against requiring disclosure and members of the Senate and their aides have talked about Fed lobbying in general, but the documents reveal a very specific hand-to-hand style of combat being engaged in as the vote on the amendment draws near.

With a vote possible on Tuesday, a Fed official e-mailed three documents to a Senate staffer. "I am sending some information on the effects of audits of the Federal Reserve System as well as two additional documents - one summarizes the GAO and related provisions in the Dodd Bill as passed by the committee (Title XI, Sections 1151-1153) and the other is a summary of the Sanders and Paul/Grayson amendments," the official said in an e-mail.

"As I mentioned, we believe that the bipartisan Corker-Merkley provision in the Dodd Bill is quite strong and addresses issues of transparency and disclosure without impinging on the independence of monetary policy," the official goes on.


More Here (http://www.huffingtonpost.com/2010/05/04/fed-privately-lobbying-ag_n_562330.html)