Tim Shoemaker
Campaign For Liberty
April 25, 2010

There are plenty of reasons C4L members should be actively opposed to the financial ‘deform’ bill under consideration in the Senate.* The provision that is most deserving of righteous anger however, is Sen. Jeff Merkley’s alleged “audit” of the Federal Reserve.*

From The Huffington Post:

The Senate has been more hostile territory for the Fed audit provision. Banking Committee Chairman Chris Dodd (D-Conn.) opposes the Grayson-Paul version, but allowed a much more restrictive audit proposal from Sen. Jeff Merkley (D-Oregon) into his bill.

The Senate bill would allow an audit of the TALF program and slightly expands authority to audit emergency lending conducted under section 13(3) of the Federal Reserve Act, but restricts it to very specific purposes.

It would not allow the GAO to look into the Fed’s massive purchase of toxic assets, its hundreds of billions in foreign currency swaps with other central banks or its open market operations, among other restrictions.
We’ve seen this language before.* Rep. Mel Watt tried to introduce a similar “audit” provision to the House financial reform bill.* Thanks to the tireless efforts of our members calling, emailing, and faxing their representatives, the Paul-Grayson amendment was substituted for Watt’s before eventually passing the House.

Contact your Senators and demand that before they grant the Federal Reserve new powers we must have complete transparency!* A standalone vote on S. 604 is long overdue in the Senate.* Let them know the American people will not stand for more secrecy when it comes to their money and this country’s financial institutions.