UPDATE: Senate Battle To Audit The Federal Reserve

If all goes well today or possibly tomorrow, the Senate will approve an amendment from Bernie Sanders to allow a complete GAO audit of the Fed that will then be included in the Dodd financial reform bill that eventually will be voted on by the full Senate.  And after the Goldman fiasco, some version of the Dodd bill is going to pass.  The fun will be found following the amendment trail.

Considering that the House of version of reform passed last Fall already includes the Paul-Grayson amendment for a Fed audit, there will be no congressional pressure to remove it from the bill in during House-Senate conference.  The only pressure will be coming from Rahm Emmanuel, Geithner and the White House.

At the point, Obankster will have 2 choices -- accept a Fed audit as part of the bill OR risk voter wrath and veto the legislation that he fought 9 months to get passed.

The latest links are inside including some very interesting Fed lobbying details from Ryan Grim that have just been published.

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Video:  Ratigan with Ron Paul & Alan Grayson -- Audit The Freaking Fed -- May 3, 2010

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BANKSTER USA: Sign the Petition -- Audit the Fed!

Snip:

Senator Bernie Sanders is rallying the troops again for his amendment to the Senate financial reform bill to audit the Federal Reserve. While the Treasury Department is posting TARP bailout recipients and amounts on their web page, the Fed is quietly spending much more, as much as $2 trillion, but is not telling us who is getting the money or why. Sanders' bill parallels the Ron Paul-Alan Grayson language from the House bill. Now if Senate leaders would only put the amendment to a vote, we might find out where the Banksters hid the big bucks.

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May 5

What Would the Sanders Amendment Do to the Fed? (WSJ Economics Blog)

Effort to expand audits of Fed picks up steam in Senate (Wash Po -- Latest)

Sanders Concerned White House May Kill Fed Audit Amendment (TPM)

Fed Audit Amendment Gaining Momentum (Ryan Grim -- Latest)

Sen. Shaheen Flips From 'NO' -- Co-Sponsor Of Audit The Fed Amendment

Call Your Senators Today to Audit the Fed (FDL)

Unions, Economists Join Push to Audit Fed as Obama and Bankers Fight Back

Rotating Villains and Audit the Fed: Which of the 67 Will Toady to Wall Street?

Federal Reserve Trying Divide And Conquer Strategy To Kill Audit

Deal Killer? White House Takes Aim At Fed Audit Provision

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May 4

BREAKING: Fed Privately Lobbying Against Audit, Documents Show (Ryan Grim)

Sen. Sanders to Push Fed Audit Amendment (WSJ)

Rahm Emanuel Working With Fed To Beat Back Audit (Ryan Grim)

President Obama Is Wrong About the Fed (Nation)

Sanders: Audit the Fed Amendment “Probably” Will Need 60 Votes To Pass

Durbin: No Agreement on 60-Vote Requirement For Reform Amendments

Why Is There Even a Question About Auditing the Fed After it Failed So Badly?

Who Got Our $1,000,000,000,000? (Alan Grayson Editorial & Video)

PROJECT ON GOVERNMENT OVERSIGHT: Tell Your Senators to Accept Nothing Less Than Full Transparency at the Federal Reserve

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Links will be added all afternoon as warranted.

Update on May 5, 2010 at 12:11 AM by DailyBail

Links added

Comments

[DailyBail]

FED AUDIT SHOWDOWN TOMORROW - Could there be 70 votes to audit the Fed in the face of Wall Street and White House opposition? It's not crazy: 59 senators voted for a Bernie Sanders amendment to audit the Fed in April 2009. Of the 39 opposed, eight have since signed on to a Sanders Fed-audit bill or the amendment. Folks say Scott Brown is leaning yes. Freshmen Sens. Ted Kaufman (D-Del.) and Michael Bennet (D-Colo.) both voted no but tell HuffPost Hill they're reconsidering. That'd make 72 votes.

"I think momentum is with us. But I've gotta tell you, that on this amendment, you're taking on all of Wall Street, you're taking on the Fed, obviously, and unfortunately you seem to be taking on the White House, as well. And that's a tough group to beat," Sanders told HuffPost Hill. Chris Dodd told him he'll likely get a vote tomorrow. Sanders and Rahm have been chatting on the phone a lot lately, Sanders said.

GREENSPAN WANTED HOUSING-BUBBLE DISSENT SECRET - On Friday, the Fed released transcripts of its 2004 meetings. HuffPost Hill stumbled across this doozy from Alan Greenspan. "We run the risk, by laying out the pros and cons of a particular argument, of inducing people to join in on the debate, and in this regard it is possible to lose control of a process that only we fully understand," Greenspan said. In the same meeting, Greenspan ignored the warning of Atlanta Fed Chief Jack Guynn who cautioned him about increasingly wild speculation in the housing market. "A number of folks are expressing growing concern about potential overbuilding and worrisome speculation in the real estate markets, especially in Florida. Entire condo projects and upscale residential lots are being pre-sold before any construction, with buyers freely admitting that they have no intention of occupying the units or building on the land but rather are counting on 'flipping' the properties--selling them quickly at higher prices," Guynn told Greenspan. http://huff.to/clud30

http://www.huffingtonpost.com/2010/05/03/huffpost-hill---may-2-201_n_561771.html

[DailyBail]

Grayson calls on voters to urge Senate support for Fed audit

http://thehill.com/blogs/on-the-money/banking-financial-institutions/95607-grayson-calls-on-supports-to-urge-senate-support-for-fed-audit

[DailyBail]

Dodd Bill Would Allow Fed To Hide Its Spending

http://www.huffingtonpost.com/2010/04/22/dodd-bill-would-allow-fed_n_548588.html

[DailyBail]

Blanche Lincoln Rambos Wall Street

http://www.prwatch.org/node/9036

[DailyBail]

Audit The Fed!

http://www.ourfuture.org/blog-entry/2010051803/audit-fed

[JTS]

inducing people to join in on the debate, and in this regard it is possible to lose control of a process that only we fully understand,"

LOL This says it all .

Audit The Fed!

[DailyBail]

well said...it's really obvious to anyone but the white house and the fed itself...

[Zarathustra]

God, I wish I was a fly on the wall of Volcker's office when Barry is there to get his marching orders for the Dems. I picture Volcker in big swiveling captains chair and Barry on a children's wooden bench with Timmy.

[DailyBail]

you're wrong to think volcker runs this show...we've discussed it before...no one pays attention to him...sadly...

[Zarathustra]

And in the end, I am always proved right (Volcker Rule).

Here is some food for thought...start at 6:00...

http://www.youtube.com/watch?v=g6H2XHUKkwY&feature=ytn%3Amptnews

[DailyBail]

celente is a bit of an idiot...and the volcker rule is not happening...get off your horse and face facts...you have been making the same bs claim for months...always that paul volcker (group of 30) runs everything...and teh facts show otherwise...i could care less except i'm tired of seeing the same comment that has nothing to back it up...

if the volcker rule were being adopted you could make the basic point that he has some power...but it's not being adopted and so your argument has nothing to it...

[Zarathustra]

Who is telling you the Volcker Rule is dead?

Please tell me and Jay Glasser...

http://www.businessweek.com/news/2010-05-03/citi-proprietary-trader-quits-for-nomura-as-volcker-rule-looms.html

I don't read the Huffington Toast, what did I miss?

[Zarathustra]

Mr. Volcker, energetic—and recently remarried—at age 82, has reshaped the debate. "We're talking about changing the rules governing global finance for the next 25 or 50 years," says Harvard University economist Kenneth Rogoff. "Thought leaders like Paul Volcker help shape the accepted wisdom, what gets negotiated with allies, and what eventually gets put into place."

http://online.wsj.com/article/SB20001424052748704093204575215920817484134.html

"We'll give you a nice coffin and an easy cushion… but you're not going to be saved," Mr. Volcker says.

[Zarathustra]

http://www.youtube.com/watch?v=2J5xs2ukksE&feature=related

For you DB...enjoy!!

[DailyBail]

Richard Shelby Just Told You That The Volcker Rule Is Dead

http://www.businessinsider.com/richard-shelby-just-told-you-that-the-volcker-rule-is-dead-2010-2#ixzz0n0ffAq2A

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It's older but the message is the same...i'll admit i hadn't seen the recent stuff...so you might end up being right...maybe banning prop trading will happen...

[DailyBail]

The Fed Audit as Bill Killer

http://washingtonindependent.com/83897/the-fed-audit-as-bill-killer

[DailyBail]

Force Fed to reveal secret bank deals

http://host.madison.com/ct/news/opinion/editorial/article_9c123642-7db8-5059-9945-dc8612ea7976.html

[nader paul kucinich gravel mckinney]

The Five Dancing Israelis arrested on 9/11 in NYC
now demand
NO FEDERAL RESERVE AUDITS

[RecoverylessRecovery]

Great idea!

We put a picture of Paulson & Geithner on every dollar bill. And then we print WANTED! over the top.