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White House Opposes Audit the Fed Amendment

April 30, 2010 - by Donny Shaw

The Senate is getting ready to kick its financial reform debate into high gear next week when they start voting on amendments on all kinds of issues form both parties. So far, the Obama Administration has remained quiet on their support or opposition for specific amendments, but with one exception — they are opposing a bipartisan amendment to open up the Federal Reserve to a full Government Accountability Office Audit.

The Wall Street Journal reports in an article on “populist” amendments:

Obama administration officials have declined to weigh in on any specific amendments, with one exception: a move by Sen. Bernie Sanders (I., Vt.) to give the government more power to audit certain operations at the Federal Reserve. Fed and administration officials have signaled they would fight to stop it at all costs. Mr. Sanders has more than a dozen co-sponsors.

“I can’t predict, but I think we’ve got a good chance to pass it,” Mr. Sanders said.

Sanders’ “Audit the Fed” amendment is similar to the Federal Reserve Transparency Act in the House that has attracted 319 co-sponsors and was adopted into the House’s financial reform bill. In the Senate it is co-sponsored by influential senators from both parties and is generally regarded as the amendment supported by reform advocates with the best chance of passing.

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