• News
  • Celebrities
  • Finance
  • Crypto
  • Travel
  • Entertainment
  • Health
  • Others

How Audit the Fed Won the PR War

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 possible harm the amendment might do to central bank independence. He repeatedly said that he could not explain to his constituents why it was a bad idea to shed some sunlight on the Fed’s books, noting, “The Congress created the Fed. The Fed didn’t create Congress” — his point being that the Fed should have to answer to Congress for actions that tread on Congress’ turf.

Compared with the vitriolic debate on Sen. Richard Shelby’s (R-Ala.) amendment to gut the consumer protections in the Dodd bill, this debate is sounding like a love-in. Senators across the aisle are nodding in agreement with one another. Dodd even just said he would join as a co-sponsor of Sanders’ bill, which was recently considered something of a fringe priority, pushed by iconoclasts like Sanders and Rep. Ron Paul (R-Texas).

This is the culmination of the great moderation of Audit the Fed: the transformation of an always popular but never prioritized congressional concern. Last year, for instance, Audit the Fed measures in both the House and Senate garnered huge co-sponsorship and support, and a provision passed the House. But nothing came to fruition. This time around that changed, as Audit the Fed proponents forced the administration to respond and insisted on it as a priority. In short: Audit the Fed is getting a vote because senators like Sanders took on and won a public relations push.

The executive branch never could quite come out and say why it would be better to leave the amendment out — presuming, ostensibly, that the amendment would never come up for a vote. Even today, Fed Chairman Ben Bernanke offers only a wan, vague and easily batted-down argument against auditing the Fed, saying “Financial markets, in particular, likely would see a grant of review authority to the GAO in these areas as a serious weakening of monetary policy independence.”

That argument has proved insufficient, and Audit the Fed is due to pass this evening.

Discussion & Comments (0)

    Recent Articles

    • Things You Should Know about North America

      Things You Should Know about North America

      Get to know more about North America.

    • Eurovision 2010 Paula Seling Unpredictable Contest

      Eurovision 2010 Paula Seling Unpredictable Contest

      Paula Seling's experience on the Eurovision stage led her to declare that "Eurovision is an unpredictable contest". Which may explain the success of the young Lena from Germany, about whom the predictions before the event did not offer much chances for victory.

    • VIPRow.me - The Best Sports Streaming Website Today

      VIPRow.me - The Best Sports Streaming Website Today

      Have you ever contemplated creating a user-friendly site dedicated to sports-related free live streaming channels?

    • Learn How To Download, Install, And Use The Xnxubd 2022 Frame App

      Learn How To Download, Install, And Use The Xnxubd 2022 Frame App

      XNXUBD 2022 Nvidia users are able to watch thousands of videos and other contents online. XNXUBD 2022 Nvidia New is a piece of software that enables people to watch videos online without having to pay for memberships. On a graphics card, the XNXubd also provides some of the best gaming and virtual reality experiences.

    • Xvideostudio Video Editor Apk Free Download For Pc Full Version In 2022

      Xvideostudio Video Editor Apk Free Download For Pc Full Version In 2022

      A new edition of the Video Editor Apk for xVideostudio.Video Studio has all the latest features, including support for multiple video download formats in HD, FHD, and even 4K resolutions.

    • 9 Best Lotion For Masturbation - Popular Choice For 2022

      9 Best Lotion For Masturbation - Popular Choice For 2022

      Masturbation is a common activity for men and women. It's a natural and risk-free way to explore your body, experience pleasure, and release sexual tension.

    • Reasons Why You Need To Stop Watching Movies From Sflix

      Reasons Why You Need To Stop Watching Movies From Sflix

      Without having to sign up or pay anything, you can watch movies online for free with SFlix. It has more than 10,000 movies and television shows.

    • Coi Leray Mom And Dad's Family History & Wife, Explained

      Coi Leray Mom And Dad's Family History & Wife, Explained

      Coi Leray Collins (born May 11, 1997) is a rapper from the United States. Leray started publishing songs to SoundCloud in 2014, and in 2018 she released her breakthrough track "Huddy" as well as her first mixtape, Everythingcoz.

    • Listen And Download Music On MyFreeMP3 For Free

      Listen And Download Music On MyFreeMP3 For Free

      Are you in a bind and looking for a place to obtain free mp3 songs? Never again will you need to bother, since this article has everything necessary to obtain your solution. Download free music from MyfreeMP3.com, one of the world's most popular websites.