The Fourteenth Banker Blog

May 8, 2010

Audit the Fed Progresses! One for the people!

Filed under: Uncategorized — thefourteenthbanker @ 1:36 PM

Here are a few useful articles.

1)     The first is by Dean Baker, who explains what is and what isn’t in the Sanders compromise amendment:

The Sanders amendment has a weaker audit provision than the House language, though it would force the Fed to post online most of its transactions from 2007-2010, which the House provision doesn’t do.  Do not be deceived that this Senate ‘deal’ is done, though. The amendment has not passed, and I have heard rumors that Geithner and Bernanke are still fighting this compromise quietly behind the scenes.  If it does pass, Fed transparency reformers will be in a very strong position going into the conference committee, which will merge the Senate and House bills.

2)     The second is a funny speech by Rep. Alan Grayson, who notes that the Federal Reserve may own recently foreclosed Red Roof Inns, but we don’t know, because we don’t audit the Federal Reserve:

Zero Hedge notes that the Fed has marked its Maiden Lane I-III holdings at historically high values despite the debt cramdown:

3)     Dylan Ratigan lists the Senators who voted for the bailout but voted against the Brown-Kaufman amendment to break up the banks:

4)     Finally, Eliot Spitzer gives an exceptionally cogent article about why an audit would be help restore trust in the Federal Reserve:


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