Neutered Audit the Fed Plan Approved By the Senate, Practically Endorsed By the Fed
Now, call me suspicious but the fact that the Fed isn't writhing in agony on the floor over this leaves me only slightly unimpressed by this "victory" for the anti-Fed contingent.
The Senate voted Tuesday to force the Federal Reserve to disclose, for the first time, key details of its loans to financial firms during the financial crisis. But elsewhere in Congress and the courts, the Fed is continuing its fight to shield the names of the cash-strapped banks that borrow from it.
"We are beginning to lift the veil of secrecy on what is perhaps the most important agency in the United States government," said the amendment's author, Sen. Bernie Sanders (I., Vt.).
The Senate voted 96-0 to approve the amendment to a pending bill overhauling financial regulations. The strong support came after Mr. Sanders last week, following intense pressure from the Fed and Obama administration, agreed to alter his measure to maintain an exemption for the Fed's monetary policy deliberations from congressional audits.
The Fed doesn't object to Mr. Sanders's revised measure, which pertains to loan programs began during the financial crisis that now are mostly closed.
Anyone else remember this winner?
K, so here's what happens: we find out who got emergency Fed loans, discover that half if not 3/4ths of the list is made up of banks and investment institutions that are no longer with us as they've been vaporized by the financial crisis and everyone forgets about currency swaps and all the garbage rotting on the Fed's balance sheet that wasn't technically a loan.
Yeah, this is fucking genius, Congress.