---
Still waiting for reaction from Ron Paul or Alan Grayson.
---
Text of HR 1207 -- Grayson Paul amendment that passed the House
---
Sanders on the Senate floor this afternoon:
SANDERS: In other words, Mr. President, we now have 59 senators who, as part of the budget resolution, voted on this issue, 320 members of congress, the house, two u.s. courts that have all told the Fed in no uncertain terms, give us transparency. That’s what we’ve got Mr. President. As I wind down and conclude my remarks, let me just simply say that I thank very much all of the support, all the grass-roots support from progressive and conservative groups and from my fellow senators. The American people have a right to know when trillions of their dollars are being spent and who got it. The American people have a right to know whether there are conflicts of interest. Mr. President, I would ask my colleagues — there’s so many cosponsors, I won’t even mention them all. But I just want to thank all of them. let me just conclude by saying that i am very proud to say that we have been working with Senator Dodd’s office and some other offices and I’m going to ask that my amendment with modified with the changes are at the desk, and i’m proud to say that these modifications have been worked out by Senator — with Senator Dodd and would allow the GAO to conduct a top-to-bottom audit of all of the Federal Reserve’s emergency lending activities since December 1, 2007. In addition, the modifications require the fed to put on its web site all of the recipients of over $2 trillion in emergency assistance since December 1, 2007.
Chris Dodd: There was a concern about whether or not the independence of the Fed in any way would be compromised and he has guaranteed with his language here that that is no longer an issue whatsoever. And I want to thank him for it.
---
Sander's modified amendment calls for the following:
"Notwithstanding any other provision of law, the Board of Governors shall publish on its website, not later than December 1, 2010, with respect to all loans and other financial assistance it has provided during the period beginning on December 1, 2007 and ending on the date of enactment of this Act under the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, the Term Asset-Backed Securities Loan Facility, the Primary Dealer Credit Facility, the Commercial Paper Funding Facility, the Term Securities Lending Facility, the Term Auction Facility, Maiden Lane, Maiden Lane II, Maiden Lane III, the agency Mortgage-Backed Securities program, foreign currency liquidity swap lines, and any other program created as a result of the third undesignated paragraph of section 13 of the Federal Reserve Act."
---
Jane Hamsher at FDL thinks it's a sellout by Sanders >>
---
Obama administration now supports Fed audit >>
---
Fed Audit Amendment Deal Struck In Senate (Ryan Grim) >>
---
Today's related stories:
Volcker Letter to Lawmakers Opposing Amendments to Audit the Fed
Proposal to Audit Fed Modified to Limit Impact on Monetary Policy (WSJ)
Reid Backs Breaking Up Banks, Auditing Fed (Ryan Grim)
Sanders' Fed Audit Amendment Now Likely To Prevail
Senate to vote on breaking up the banks and auditing the Fed (Ezra Klein)
Wall Street Reform Takes A Populist Turn
Dis! Sanders Learns Of White House Plans To Kill Fed Audit In New York Times
---