Senator Jim Demint (R-SC) announced on Twitter last night that he would block B-52's nomination "until we get a vote to audit the Fed." Demint joins fellow Senators Bernie Sanders, Jim Bunning and Daivd Vitter in announcing plans to place a procedural 'hold' or block on the reconfirmation vote of Federal Reserve Chairman Bernanke. Demint and Vitter have added the wrinkle of attaching their 'hold' votes to the condition that the Senate vote first on S 604, the companion bill to Paul-Grayson's HR 1207, to audit the Fed.
From Reuters
Republican Senator Jim DeMint, a member of the Senate Banking Committee, said on Thursday he would oppose Ben Bernanke's nomination for a second term as Federal Reserve Chairman.
"Americans want a new Fed chairman who is willing to provide transparency into the Fed's actions, who is willing to accept responsibility for the Fed's mistakes, and who is willing to support true monetary reform that guarantees the soundness of our money," DeMint said in a statement.
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From The Hill
Yet another Senator is placing a hold on Ben Bernanke's nomination to a second term as Fed chairman.
Sen. David Vitter (R-La.) announced tonight that he will block a vote on Bernanke's nomination until the Senate votes on a proposal to audit the Fed.
So far, Sens. Bernie Sanders (I-Vt.), Jim DeMint (R-S.C.), and Jim Bunning (R-Ky.) have placed holds on Bernanke.
"Before we even think about moving ahead with Mr. Bernanke’s nomination, we should allow the Federal Reserve Sunshine Act to be discussed and debated on the floor of the Senate,”Vitter said. “We cannot prevent future failures by the Fed until we determine exactly how it operates."
Vitter also said he opposes the numerous bailout and rescue packages the Fed as handled under Bernanke's tenure.
“Over the past year or so, the Fed has doled out several trillion dollars to any number of troubled institutions through a series of programs that were supposed to turn our economy around,” saidVitter . “These programs have worsened our economic crisis by making ‘too big to fail’ a permanent government policy and created further debt that will now be the burden of our children and grandchildren. His endorsement of these unsound fiscal policies gives me great pause.”
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