This amendment does not take away the "independence" of the Fed. It simply requires the GAO to conduct an independent audit of the Fed and requires the Fed to release the names of the recipients of more than $2 trillion in taxpayer-backed assistance during this latest economic crisis.More here.
S. 3217 unacceptably increases the Fed's powers at a time when the American people are demanding answers as to what the Federal Reserve has been doing with the powers it currently possesses. It also strips out the strong audit language contained in the House's reform bill in favor of a watered-down approach that allows the Fed to continue operating in secret. Any true financial reform effort will start with requiring accountability from our nation's central bank.
Personally, I don't think making bank bailouts permanent is good legislation for America. But at the very least, we as Americans should be entitled to audit our own Federal Reserve.
I think we need to be especially careful right now. The level of chaos has ratcheted up several notches this past week. My Alinsky-radar is going off. What are they trying to sneak past us while we focus on the oil spill in the gulf of Mexico and the failed Islamist bombing of New York City.
Would it be worth passing the financial "reform" bill if it indeed audited the fed? Or is the bill too bad for America in the first place. Can we get another bill through about Auditing the Fed?