Senate Rejects True Transparency: Vitter’s Audit the Fed Amendment Fails 37-62

Senator David Vitter, Republican of Louisiana, put forward an amendment that would have mirrored Ron Paul’s tough Audit the Fed language, but the Senate rejected it today. The vote was 37 to 62. (The Senate instead passed a modified “placebo” amendment that had the support of the Obama administration.)

Before the vote, Vitter appealed for support: “I urge all of my colleagues, Democrats and Republicans, to support both amendments to have full openness and accountability and transparency with all the protections that are included against politicizing individual Fed decisions.”

How They Voted

Akaka (D-HI), Nay
Alexander (R-TN), Nay
Barrasso (R-WY), Yea
Baucus (D-MT), Nay
Bayh (D-IN), Nay
Begich (D-AK), Nay
Bennet (D-CO), Nay
Bennett (R-UT), Nay
Bingaman (D-NM), Nay
Bond (R-MO), Nay
Boxer (D-CA), Nay
Brown (D-OH), Nay
Brown (R-MA), Nay
Brownback (R-KS), Yea
Bunning (R-KY), Yea
Burr (R-NC), Yea
Burris (D-IL), Nay
Byrd (D-WV), Not Voting
Cantwell (D-WA), Yea
Cardin (D-MD), Nay
Carper (D-DE), Nay
Casey (D-PA), Nay
Chambliss (R-GA), Yea
Coburn (R-OK), Yea
Cochran (R-MS), Yea
Collins (R-ME), Yea
Conrad (D-ND), Nay
Corker (R-TN), Nay
Cornyn (R-TX), Yea
Crapo (R-ID), Yea
DeMint (R-SC), Yea
Dodd (D-CT), Nay
Dorgan (D-ND), Yea
Durbin (D-IL), Nay
Ensign (R-NV), Yea
Enzi (R-WY), Yea
Feingold (D-WI), Yea
Feinstein (D-CA), Nay
Franken (D-MN), Nay
Gillibrand (D-NY), Nay
Graham (R-SC), Yea
Grassley (R-IA), Yea
Gregg (R-NH), Nay
Hagan (D-NC), Nay
Harkin (D-IA), Nay
Hatch (R-UT), Yea
Hutchison (R-TX), Yea
Inhofe (R-OK), Yea
Inouye (D-HI), Nay
Isakson (R-GA), Yea
Johanns (R-NE), Nay
Johnson (D-SD), Nay
Kaufman (D-DE), Nay
Kerry (D-MA), Nay
Klobuchar (D-MN), Nay
Kohl (D-WI), Nay
Kyl (R-AZ), Nay
Landrieu (D-LA), Nay
Lautenberg (D-NJ), Nay
Leahy (D-VT), Nay
LeMieux (R-FL), Yea
Levin (D-MI), Nay
Lieberman (ID-CT), Nay
Lincoln (D-AR), Yea
Lugar (R-IN), Nay
McCain (R-AZ), Yea
McCaskill (D-MO), Nay
McConnell (R-KY), Nay
Menendez (D-NJ), Nay
Merkley (D-OR), Nay
Mikulski (D-MD), Nay
Murkowski (R-AK), Yea
Murray (D-WA), Nay
Nelson (D-FL), Nay
Nelson (D-NE), Nay
Pryor (D-AR), Nay
Reed (D-RI), Nay
Reid (D-NV), Nay
Risch (R-ID), Yea
Roberts (R-KS), Yea
Rockefeller (D-WV), Nay
Sanders (I-VT), Yea
Schumer (D-NY), Nay
Sessions (R-AL), Yea
Shaheen (D-NH), Nay
Shelby (R-AL), Yea
Snowe (R-ME), Yea
Specter (D-PA), Nay
Stabenow (D-MI), Nay
Tester (D-MT), Nay
Thune (R-SD), Yea
Udall (D-CO), Nay
Udall (D-NM), Nay
Vitter (R-LA), Yea
Voinovich (R-OH), Nay
Warner (D-VA), Nay
Webb (D-VA), Yea
Whitehouse (D-RI), Nay
Wicker (R-MS), Yea
Wyden (D-OR), Yea
Democrats that voted Yea Republicans that voted Nay S 604 co-sponsors that voted Nay

Cantwell (D-WA)
Dorgan (D-ND)
Feingold (D-WI)
Lincoln (D-AR)
Webb (D-VA)
Wyden (D-OR)

Alexander (R-TN)
Bennett (R-UT)
Bond (R-MO)
Brown (R-MA)
Corker (R-TN)
Gregg (R-NH)
Johanns (R-NE)
Kyl (R-AZ)
Lugar (R-IN)
McConnell (R-KY)
Voinovich (R-OH)
Bob Bennett (R-UT)
Tom Harkin (D-IA)
Benjamin Cardin (D-MD)
Patrick Leahy (D-VT)
Barbara Boxer (D-CA)
Mary Landrieu (D-LA)

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50 Comments:

  1. Very fascinating information! Perfect exactly what I was ready for!

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  2. Whoa ! Amazing step by step brief training. I will utilize that !

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  3. The Money Masters is a documentary history of the United States vs. the Charter Bank system which is clearly against liberty. If anyone is confused about why Ron Paul is one of the few to name the Fed as the enemy might consider the words of JFK, “We are facing a monolithic and ruthless conspiracy”.

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  4. This vote is good. It shows us who the enemies are. The Nays are traitors.

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  5. I am happy to see that Inhofe voted yea being a resident of Oklahoma, although I am deeply saddened that it lost by such a landslide.

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  6. Here is the pathetic response from Senator Kyl when I sent him an email to support the Vitter amendment:

    Dear Mr. and Mrs. Crosley:

    Thank you for inquiring about recent votes in the Senate on amendments authorizing audits of the Federal Reserve.

    First, it is important to note that the Federal Reserve’s Board of Governors, the Federal Reserve Banks, and the Federal Reserve System as a whole are already audited annually by an independent outside auditor (currently, Deloitte and Touche). The Government Accountability Office (GAO) also already audits the supervisory and regulatory functions of the Federal Reserve to the same extent that it audits the supervisory and regulatory functions of other federal banking agencies.

    Moreover, Congress already has the authority to conduct oversight of the Federal Reserve’s operations: the members of the Federal Reserve Board are, for example, subject to the advice and consent of the Senate; the Fed Chairman testifies regularly before the Congress; and, of course, the Fed was created by an act of Congress and remains accountable to it.

    What is excluded from the scope of the GAO’s existing audit authority is the Federal Reserve’s monetary policy deliberations and operations, including open market and discount window operations, and transactions with foreign central banks, foreign governments, and public international financing organizations. Those activities are excluded in order to preserve the independence and efficacy of the Federal Reserve’s monetary policy decisions. In other words, the exclusion is intended to keep politicians from undermining the Fed’s independence and injecting political considerations into the conduct of monetary policy – something that could lead to rampant inflation.

    The Senate considered two audit-related amendments on May 11, 2010. The first was an amendment by Senator Bernie Sanders. The original version of his amendment would have authorized a full GAO audit of the Fed, including its monetary policy operations. But the administration had indicated that the President might veto it; so, Senator Sanders worked with members of the Banking Committee and the administration to reach a compromise.

    What they came up with was a modified version of the amendment that would require the Federal Reserve to provide details about the emergency lending programs that it implemented since 2007 in an effort to address the liquidity crisis that gripped the financial markets. The Fed would be required to provide information about how much money went to borrowers, the dates the assistance was provided, terms of repayment, and the rationale for the creation of the lending programs. The modified Sanders amendment would also require the GAO to complete an audit within a year, but preserve the exclusion for the Federal Reserve’s monetary policy deliberations. The amendment passed on a vote of 96 to 0. I supported it.

    The second amendment was offered by Senator David Vitter and largely tracked the original version of the amendment that Senator Sanders had offered. It would have permitted the GAO to probe the Fed’s monetary deliberations, and it was rejected on a lopsided vote of 37 to 62. I voted against it.

    In addition to the concern noted above about injecting political considerations into monetary policy decision-making, I am concerned that a GAO audit of the Fed’s open market operations could end up costing taxpayers billions by giving investors a road map to the Fed’s trading strategies and the securities it intends to buy. Armed with information about the securities the Fed intends to buy (that is, information gleaned from an audit), investors could acquire the securities and then sell them to the Fed at a premium.

    I hope this information is helpful. If you have any other comments or questions, please don’t hesitate to let me know.

    Sincerely,

    JON KYL

    United States Senator

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  7. Not surprising that Mr Big government Mitch McConnell voted No as well.

    Mitch McConnell’s career is coming to a close that’s for sure. Kentuckians are sick of his “limited government” lies and we’re tired of him siding with wall street and supporting those damned thieves who take our tax dollars.

    I hope Rand Paul stirs up a movement here in Kentucky because I’m sick of the Republican Establishment — something has got to give.

    http://www.kentucky.com/2010/05/07/1254966/ketnucky-poll-more-voters-unhappy.html

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  8. I will make the pledge to back Ron Paul for President if he will make Sarah Palin his running mate. No wimping out with some other pacifistic Republican who will water down the ticket just to please some middle-of-the-road toadies.

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  9. It appears to me that those who are somewhat dishonest and those that are downright dishonest and lie about things do not want anyone to know just how much they lie, cheat and steal from the taxpayers. All those that voted NAY should be thrown out of office, that just shows how dishonest they really are.

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    • Great idea start a complaint. Get out infront of the people with sign’s, let everybody know. Let them know what is being done while they (the dumb a**’s are not watching). These people do not see it on the local new or in the news paper they do not believe it. Their precious government does everything correct. You know? Laugh out loud oh I forgot I’m supposed to be lazy, “LOL!”

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  10. progressives first infiltrated the got control of both poloitical partys and the goal of both partys is to grow government to become part of a future world government. their goal is identical but they package the the message as conservative vs liberal when in fact we can on chose between progressive D canidate R while the adgendate is the same goal ron paul has answers which for us to read and hnor the constitution then support men who they trust not to trash the the constition. only then will we take back both political partys and save this republic.

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  11. John Pennington

    So, here is our hit list. Republican, Democrat, or otherwise. Let’s get rid of these currs in November, and then force our new representatives to investigate and file charges on all involved in this defraud of the American People. Let’s not forget, and may we never fall asleep at the switch again.

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  12. Scott Brown is just another big government, status quo, establishment Republican sucked into all the neo-con trappings at work within the GOP and the Beltway. The only difference between him and the man whose place he took (may his infanticidal soul eternally rot!) is that he never killed anyone…much less get away with it! We need more public servants like Ron and Rand Paul, Jesse Ventura, David Ritter, etc.

    Mr. Obama, all you Marxist progressives and libs, and all you empire hungry neo-cons – your day is fast approaching! The American people are coming for you this November!

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