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UPDATE: The Sanders one-time Fed audit amendment has passed, 96-0. The Vitter amendment to open up the Fed to audits in perpetuity was rejected, 37-62.

Last week, an amendment from Sen. Bernie Sanders [I, VT] to remove a section of U.S. code that protects the Federal Reserve from meaningful audits looked set to pass over objections from Banking Committee Chairman Sen. Chris Dodd [D, CT] and the White House. Then, all of a sudden, to alleviate concerns that it would put President Obama in a sticky situation (there was speculation that he would veto the whole financial reform bill over the amendment), Sanders agreed to change his amendment so that it keeps the special protections in U.S. code in tact, and instead allows the government to conduct a one-time audit of the Fed and what they have done from Dec. 1, 2007 until now, notwithstanding the special protections.

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What Happened to Auditing the Fed?

April 21, 2010 - by Donny Shaw

One of the great political success stories of the past couple years has been the audit the Fed movement. Starting with an unlikely partnership between the far-right Rep. Ron Paul [R, TX-14] and far-left lawmakers Rep. Alan Grayson [D, FL-8] and Sen. Bernie Sanders [I, VT], the push to open up the Federal Reserve to a complete government audit for the first time ever (H.R.1207) has attracted more than 300 co-sponsors in the House and was included in the House's financial reform bill that was approved last December.

But now that financial reform has moved into the Senate, the audit the Fed proposal has disappeared from the bill and there is virtually no talk of trying to put it back in. Instead, the Senate financial reform bill as written by Banking Committee Chairman Chris Dodd [D, CT] includes a section that looks deceptively like a Fed audit, but would actually do nothing to open up the Fed or remove the special audit restrictions that have allowed the Fed to operate in secrecy for decades.

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Treasury Dept. Opposes Fed Transparency

March 9, 2010 - by Donny Shaw

You would think the White House would get behind a proposal that is sponsored by a full 3/4ths of the House of Representatives, but they're not.

Ryan Grim of Huffington Post reported today from a briefing with Treasury Secretary Timothy Geithner and a couple Treasury officials that they are "intensely opposed" to the Ron Paul-Alan Grayson bill to require a full audit of the Federal Reserve. The bill has  already passed the House as a part of the broader financial reform package (H.R.4173) and it is immensely popular with the public as well as Members of Congress -- the stand-alone version of it has 317 co-sponsors in the House and 33 sponsors in the Senate. According to sponsorship statistics, it's the most popular bill in Congress right now.

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DeMint's Faux Fed Transparency Bill

January 26, 2010 - by Donny Shaw

Sen. Jim DeMint [R, SC] is one of the 31 co-sponsors of Sen. Bernie Sanders' [I, VT] popular "audit the Fed" bill (S. 604). But he has also introduced his own version of the bill that would maintain the Fed's current level of secrecy under the guise of the "audit the Fed" ethos (S. 2939).

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