White House Supports Sen Sanders Amendment to Audit the Fed

Clio the Leo

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Thu May-06-10 10:04 PM
Original message

White House Supports Sen Sanders Amendment to Audit the Fed

It looks like the White House is learning to love Sen. Sanders' audit of the Fed amendment.

Statement of support from Dep. Secretary of Treasury Neal Wolin after the jump ...

Statement from the Deputy Secretary of the Treasury Neal Wolin:
We appreciate the work of Senator Sanders and Senator Dodd to work together on a strong amendment that ensures full and open transparency regarding emergency lending programs, without compromising the Federal Reserve's full independence with respect to the conduct of monetary policy.

Senator Sanders' revised amendment provides for a comprehensive GAO audit of the Federal Reserve Board's operations in response to the recent financial crisis, while preserving the existing protections of the Federal Reserve's independence with respect to monetary policy.

We are confident that the revised amendment proposed by Senator Sanders strikes the appropriate balance: providing full transparency of lending programs while protecting the bedrock principle of central bank independence on monetary policy that has served our nation so well.

http://www.talkingpointsmemo.com/archives/2010/05/learning_to_love_the_audit.php#more?ref=fpblg

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Cha

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Thu May-06-10 10:05 PM
Response to Original message

1. Things change fast

around here.

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girl gone mad

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Thu May-06-10 10:31 PM
Response to Original message

2. It isn't full an open transparency, specifically because the WH..

forced Bernie's hand with respect to investigating Fannie and Freddie and the hundreds of billions in MBS purchases, etc.

It is definitely a step in the right direction, but it is passing despite the White House's involvement, not because of it, so this PR is disingenuous.

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boppers

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Thu May-06-10 11:23 PM
Response to Reply #2

5. Full, open, transparency = market chaos.

Can you imagine would happen if every board meeting utterance were published?

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Arkana

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Sat May-29-10 08:41 PM
Response to Reply #5

12. "Fuck, I spilled soup on my tie."

Later that day: "PROGRESSO AND CAMPBELL'S FUTURES PLUMMET, CANNED SOUP MARKET COMPLETELY TANKS"

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tavalon

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Thu May-06-10 11:08 PM
Response to Original message

3. At least they occasionally put their finger in the air

to check the political winds. I'll take it. It's certainly better late than never.

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avaistheone1

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Fri May-28-10 05:42 PM
Response to Reply #3

9. lol

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Cha

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Sat May-29-10 04:40 PM
Response to Reply #3

10. That has nothing to do with it...just more cheap shots over

the internet.

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SpartanDem

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Thu May-06-10 11:20 PM
Response to Original message

4. and now Ron Paul calls him a sellout

Rep. Ron Paul (R-Texas) said Thursday that Sen. Bernie Sanders (I-Vt.) "sold out" on a measure to audit the Federal Reserve.

Sanders agreed to modify the measure in a way that requires audits of the Fed during the financial crisis but not of the bank's monetary policy.

On his Facebook page, Paul lashed out at Sanders. Paul is a longtime critic of the Fed, and pushed audit legislation in the House that drew more than 300 cosponsors.

"Bernie Sanders has sold out and sided with Chris Dodd to gut Audit the Fed in the Senate. His 'compromise' is what the administration and banking interests want," Paul wrote on Facebook.

Paul said transparency of the Fed's interest rate decisions are important

http://thehill.com/blogs/on-the-money/banking-financial-institutions/96587-ron-paul-says-bernie-sanders-qsold-outq-on-fed-amendment

The last thing we need is Paul's ass politicizing monetary policy.

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Festivito

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Fri May-07-10 07:10 AM
Response to Original message

6. Well, um, ah, with phrases like: "preserving the existing protections"

Why should any voter be overly concerned with the money system. They are only voters after all. It's not like they run the country.

Sad.

Fine. If this is how we must, MUST, compromise, let it be known that the FED does not deserve it's existing protections, it did not, and no such institution does or ever did deserve such protections.

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freddie mertz

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Fri May-07-10 07:20 AM
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7. Bernie has earned our gratitude once again.

He took on the entrenched interests in the political-financial complex, including the White House, and made them cry uncle.

He deserves a medal for what he has been doing the past two years.

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asphalt.jungle

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Sat May-29-10 05:52 PM
Response to Reply #7

11. how did he make them cry uncle?

they told him to change the parts they objected to and he did and they support it with those changes.

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mdmc

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Fri May-28-10 03:15 PM
Response to Original message

8. --

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