Thread: Senate votes 96-0 to audit Federal Reserve

Senate votes 96-0 to audit Federal Reserve

The congressional audit would examine the Fed's emergency aid program and disclose previously secret recipients of bailout money.

By David Lightman, McClatchy Newspapers
May 11, 2010 | 4:06 p.m.

Reporting from Washington
The Senate voted 96 to 0 on Tuesday to authorize a congressional audit of the secretive Federal Reserve Board's emergency aid program and full disclosure of who got the money, a plan that could reveal more details about government help for embattled investment firm Goldman Sachs.

Under the plan, Congress' Government Accountability Office would conduct a top-to-bottom audit of all the Federal Reserve's emergency activities since the economic crisis began in December 2007. The Fed also would have to post on its website all recipients of money from the more than $2 trillion in emergency aid that's been disbursed since then.

The GAO also would look into whether the financial deals involved conflicts of interest. It's common for members of the board of directors of the powerful Federal Reserve Bank of New York, for example, also to be executives or directors of banks that got government bailout money.

The Fed also is locked in a court fight over a Freedom of Information Act suit to force it to identify all institutions that secretly got rescue money.

The White House and Fed Chairman Ben S. Bernanke had opposed the Fed audit but relented after two concessions were made: It will be done only once and the list of funding recipients won't appear on the Internet until Dec. 1, rather than 30 days after enactment.

The vote Tuesday was on an amendment to a financial overhaul package making its way through the Senate.

http://www.latimes.com/business/la-fi-0 ... 6419.story

Why cant the list of recipients be on the internet till Dec 1? What are they hiding?

Originally Posted by redpony353

Why cant the list of recipients be on the internet till Dec 1? What are they hiding?

They want it after the Nov. election, but they didn't want to say that so they just said Dec.
Like we won't notice.

The results of this might be very interesting.

Originally Posted by JohnDoe2

The results of this might be very interesting.

It will be VERY INTERESTING JohnDoe2. Very very interesting. They want it after the elections? What? Our lawmakers are involved? What a bf surprise. Anyone involved should go to jail "after the elections." The jails will still be open and the American people will be just as pissed off....probably more so.

Someone should leak the information on who is involved...right before the elections. He he.