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View Full Version : Senate Accepts Expanded Fed Audit -- [Huff Po]




doctor jones
06-16-2010, 09:24 PM
http://www.huffingtonpost.com/2010/06/16/senate-expanded-fed-audit_n_615197.html


The Senate will accept an expanded Federal Reserve audit proposal from the House as part of Wall Street conference committee deliberations, Sen. Chris Dodd (D-Conn.) told the panel Wednesday evening.

The House proposal allows repeated future audits of discount window and open market transactions, whereas the Senate proposal had only allowed a one-time audit.

The Senate's provision had already been stronger than what the Federal Reserve and Treasury Department had previously been willing to accept.

The details of the final proposal are still being worked out, but momentum is with advocates of Federal Reserve transparency. Depending on the specific language, however, Fed critics are worried the House proposal will still allow the Fed to keep information secret by keeping certain operations ongoing.

driege
06-16-2010, 09:27 PM
Whoa! Is this as big as it sounds from the article? What would have turned this around?

tsai3904
06-16-2010, 09:29 PM
This is a false alarm.

The Senate's amendment to audit the Fed was weak to begin with so as they accept SOME House compromises, they are "expanding" an audit of the Fed.

An audit of monetary policy will not occur.

heavenlyboy34
06-16-2010, 09:31 PM
This is a false alarm.

The Senate's amendment to audit the Fed was weak to begin with so as they accept SOME House compromises, they are "expanding" an audit of the Fed.

An audit of monetary policy will not occur.

and here I almost got excited that the government would actually do what it's supposed to do!:( /sarcasm ;)