Audit the Fed Update: Senate Votes Tonight Monday 04/26

[bobbyw24]

Tonight, the Senate will “test” vote on Chris Dodd’s financial reform bill. As Alan Grayson points out below, and Ron Paul alerted supporters a few weeks ago, the Senate bill completely eliminates legislation to audit the Federal Reserve, which already passed in the House.

Democrats will need at least one Republican to get the 60 votes required to open debate on the bill:

While lead negotiators said yesterday they were moving closer to a compromise, there was no sign that any of the Republicans would break ranks in time for the procedural vote expected at 5 p.m. in Washington.

“It’s my expectation that we will not go forward with this partisan bill,” Senate Minority Leader Mitch McConnell, a Kentucky Republican, said yesterday on “Fox News Sunday.” “This is not a situation where anybody I know in the Senate wants no bill to pass. But it is important to pass a good bill.” More…

Sen. Bernie Sanders (I-Vt.) intends to introduce an amendment on the floor effectively adding the Grayson-Paul language to the Senate bill. The language is here and below is a summary from his office of the amendment:

Support the Sanders Federal Reserve Transparency Amendment to the Financial Reform Bill

The American people have a right to know who received over $2 Trillion in financial assistance from the Federal Reserve.



Since the beginning of the financial crisis, the Federal Reserve has provided over $2 trillion in taxpayer-backed loans and other financial assistance to some of the largest financial institutions and corporations in the world. Unfortunately, the Fed is still refusing to tell the American people or the Congress who received most of this assistance, how much they received or what they are doing with this money. This money does not belong to the Federal Reserve, it belongs to the American people, and the American people have a right to know where their taxpayer dollars are going.

Therefore, during the consideration of the financial reform bill, we will offer an amendment to increase transparency at the Federal Reserve. Specifically, our amendment:

http://www.ronpaul.com/2010-04-26/au...e-bankers-win/

[itshappening]

bump

[stu2002]

THIS is more important than immigration issues

[angelatc]

I don't think it's expected to pass, but that could be the media lying to us so we don't bother the grown ups with a bunch of irritating phone calls.

[IPSecure]

http://www.c-span.org/Watch/C-SPAN2.aspx

[AuH2O]

It would be a very bad thing if Audit language were attached.

[Kotin]

It would be a very bad thing if Audit language were attached.

elaborate?

[AuH2O]

It would allow lousy Congressmen and Senators to clean their skirts and say "Look, I did what you guys asked and voted for an Audit," all the while actually empowering the Fed. Far more than the audit itself, the value of the audit bill comes in from the roll call on a up or down standalone vote.

[evilfunnystuff]

tuned in

[evilfunnystuff]

So what the hell is this "test vote" $#@! anyways?

[catdd]

So what exactly is in this bill besides a fed audit?

[AuH2O]

Well, an audit isn't in there, but a host of sweeping Wall Street regulations are - including the creating of a Consumer Financial Protection Agency, housed at the Fed.