Bait -N- Switch on Audit the Fed?

A new amendment, which Senator Dodd has signed onto has been introduced by Senator Bernie Sanders. It appears we have a bait -n- switch or compromise, i.e. back room deal on auditing the Federal Reserve.

Sanders in a floor speech:

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. Mr. president? the presiding officer: the amendment is so modified.

Attached to this post is the actual modified amendment.

In scamming it over, we see:

Comptroller General of the United States (in this subsection referred to as the ‘‘Comptroller General’’) shall conduct a one-time audit of all loans and other financial assistance provided during the period beginning on December 1, 2007 and ending on the date of enactment of this Act by the Board of Governors 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.

So, it appears we have a scaled down, one time audit, limited to the activities of the Federal Reserve on the bankster bail out instead of true transparency on what the hell the Fed is doing with our money.

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