The House and Senate have each passed versions of financial regulatory reform, and it will be up to a conference committee comprised of members of both bodies to create a unified bill. On some fronts, the House and Senate bills aren’t far apart. On others, there’s significant daylight between them. More…
On Tuesday, the Senate voted in a landslide to approve the Audit the Fed amendment to Sen. Chris Dodd’s (D-Conn.) financial regulatory reform proposal. Sen. Bernie Sanders (I-Vt.), the author of the amendment, has directed the Government Accountability Office to publish a report on the Fed’s books by Dec. 1, More…
Just minutes after the Senate passed Sen. Bernie Sanders’ (I-Vt.) Audit the Fed amendment 96-0, an amendment proposed by Sen. David Vitter (R-La.) to strengthen Sanders’ amendment failed, 37-62.
Vitter wanted to sub in language requiring the Government Accountability Office to audit the Fed continually. He proposed substituting language More…
Sen. Bernie Sanders’ (I-Vt.) Audit the Fed amendment to Sen. Chris Dodd’s (D-Conn.) financial regulatory reform bill just passed the Senate in a bipartisan landslide, 96-0 — with every Senator present on board with the populist amendment. The Sanders amendment requires the Government Accountability Office to audit most of the More…
Speaking just before the Audit the Fed amendment went to vote (ongoing now), Sen. Chris Dodd (D-Conn.), the architect of the financial regulatory reform bill, noted that the amendment has already prompted the Fed to voluntarily release more information on its foreign-exchange swaps:
Rep. Ron Paul (R-Texas) has for the past 30 years argued for a comprehensive audit of the Federal Reserve’s books (as well as a gradual unwinding of the country’s central bank). Today, the Senate will vote on a watered-down version of his proposal — a one-time audit, rather than continual More…
Last night at 9:15 p.m., as part of a $1 trillion international package to rescue Europe from its debt as Greece teeters on the brink of default, the U.S. Federal Reserve announced it has reopened currency swap lines with the European Central Bank. Essentially, the Fed will print dollars More…
Senators are currently debating Sen. Bernie Sanders’ (I-Vt.) Audit the Fed amendment to Sen. Chris Dodd’s (D-Conn.) financial regulatory reform bill. (Watch the floor debate here.) Just a few moments ago, Sen. Sam Brownback (R-Kans.) took to the floor to accuse executive-branch opponents of the measure of “exaggerating” the More…
Senate Majority Leader Harry Reid (D-Nev.) tells Ryan Grim of the Huffington Post that he is leaning toward voting for two controversial amendments: one provision by Sen. Ted Kaufman (D-Del.) and Sen. Sherrod Brown (D-Ohio) to break up big banks and create hard asset and leverage caps, and More…
Federal Reserve Chairman Ben Bernanke has sent a letter to Sen. Chris Dodd (D-Conn.), the head of the Banking Committee and the architect of the financial regulatory reform proposal currently before Congress, urging him not to adopt an amendment by Sen. Bernie Sanders (I-Vt.) to open the Fed’s books to More…
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