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Senate Votes Unanimously For “One-Time Audit of Fed’s Bailout Role”

Senate Votes Unanimously For “One-Time Audit of Fed’s Bailout Role”

May 11, 2010

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The New York Times reports that the U.S. Senate, earlier today, "voted unanimously to require a one-time audit of the Federal Reserve's emergency actions during and after the 2008 financial crisis as part of broad legislation overhauling the nation's financial regulatory system." That vote was 96-0, with both Mark Warner and Jim Webb voting "yea." The Senate also voted on a broader, more open-ended Fed audit amendment by David Vitter, but rejected it 37-62. Mark Warner voted "nay" on the Vitter amendment, while Jim Webb voted "yea." Personally, I would have voted "yea" on the limited, one-time audit, but "nay" on the more open-ended one. I most certainly don't want anything done that would interfere with the Federal Reserve's independence, I don't want any fishing expeditions, and I absolutely do NOT want Congress micromanaging U.S. monetary policy. What a nightmare that would be; shudddddddddder.

The New York Times reports that the U.S. Senate, earlier today, “voted unanimously to require a one-time audit of the Federal Reserve’s emergency actions during and after the 2008 financial crisis as part of broad legislation overhauling the nation’s financial regulatory system.” That vote was 96-0, with both Mark Warner and Jim Webb voting “yea.”

The Senate also voted on a broader, more open-ended Fed audit amendment by David Vitter, but rejected it 37-62. Mark Warner voted “nay” on the Vitter amendment, while Jim Webb voted “yea.”

Personally, I would have voted “yea” on the limited, one-time audit, but “nay” on the more open-ended one. I most certainly don’t want anything done that would interfere with the Federal Reserve’s independence, I don’t want any fishing expeditions, and I absolutely do NOT want Congress micromanaging U.S. monetary policy. What a nightmare that would be; shudddddddddder.