Senate Passes Watered Down Sanders Amendment to Audit the Fed 96-0

A compromise amendment requiring the GAO to conduct a one-time audit of the Federal Reserve’s emergency-response programs unanimously passed the Senate by a 96-0 vote. The amendment had been introduced by Sen. Bernie Sanders (I-Vt.) and calls for for releasing the names of institutions that received in total more than $2 trillion in loans from the central bank during the peak of the financial crisis.

Sanders had originally used the language of Ron Paul’s HR 1207, which passed in the House as an amendment last year, but later changed his amendment under pressure by the Federal Reserve and the Obama administration. Sen. Vitter reintroduced an amendment with the original Audit the Fed language.

In a recent interview Ron Paul expressed mixed feelings about the Sanders amendment:

Ron Paul: Bernie Sanders, who was supposed to introduce my amendment and brought it up and at the last minute changed it. And I did have a conversation with him [on Friday, May 7]. He did describe it as, “well that was the best” he could get, “it had to be watered down a bit. There was no way the other one would be passed,” that argument.

I think he has one point. If his bill as it is written, even though it’s much different than my bill that I introduced, it probably would be better than the rest. But my point to him was that it would be important that we have the Senate at least be on record they haven’t voted for a much cleaner bill. If it doesn’t pass, then offer his as a substitute and pass it. Under those circumstances I may well support it but I would want to go for the best bill.

But it looks like Vitter may be introducing the much cleaner bill and I know Jim DeMint has worked hard on it. He would be supporting it to come up. Quite frankly I don’t think it will pass. I think Bernie is counting the votes, he claims he has to have 60 votes to pass anything. But you know, if Dodd is supporting what Bernie wants to do as well as Reid has said that he would support Sanders, and if they’re supporting it it means the president is going to sign it, and if they’re all supporting it, I would be very suspicious that the Fed is quite aware of this and they’re satisfied with this and maybe they think they’re getting off the hook.


  • What a SHAME that Senators are not elected enmass every two years! The Representatives KNOW that they will LOSE their job IF they vote AGAINST
    the PAUL AUDIT. BUT the senate THINKS the voters will FORGET. WILL WE?


  • fred the protectionist

    Gee, you’all said that everyone supported the audit. 96-0 lawl.

  • I hope the people of Vermont replace Mr. Sanders for stabbing Dr. Paul and us in the back. Also the rest of our sorry ass elected officials who voted to give more power to the FLEDS!

  • Matt

    The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an Enemy to all banks discounting bills or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered.

    If TJ were here he’d give us a big “I told you so!”

  • jc W.

    Jim, if you are worried about the “socialist” Bernie Sanders corrupting the system you may want to dig a little deeper. Sorry but Big Govt. is not near the problem of Big Company telling Big Govt. what move to make next. For instance— “water it down” and then pass it 96-0 and no one will know the difference. These ideas do not come from our genius, nice guy, “i’d like to drink a beer with him” politicians.

  • Sal

    The original bill, you know.. the one with teeth in it, Ron Paul’s HR 1207, passed in the House as an amendment last year, but later needed to change his amendment under pressure by the Federal Reserve and the Obama administration.??? Why? What a bunch of candy asses. I’m so sick of the corruption in Washington I could vomit.

  • Grant

    In due time, my friends, will this whole system come crashing down. Thanks to idiots like Bernie Sanders. Then it won’t matter.

  • Sanders is a suck-ass socialist!! and this will end his career!!