Audit the Fed. During consideration of the financial regulatory reform bill (S. 3217), Sen. David Vitter (R-La.) offered an amendment to audit the Federal Reserve. The Senate rejected the Vitter amendment on May 11, 2010 by a vote of 37-62 (Roll Call 138), after unanimously adopting a watered-down audit-the-Fed amendment offered by Sen. Bernie Sanders (I-Vt.)
Sanders had much earlier introduced legislation in the Senate that mirrored the audit-the-Fed legislation in the House championed by Rep. Ron Paul (R-Texas). When Sanders caved and offered his watered-down amendment, Vitter stepped in and offered an amendment for a full Fed audit along the lines of Paul’s (and Sanders’ earlier) proposal. The Sanders amendment allows for a onetime audit of the Fed’s emergency actions taken in response to the 2008 financial crisis. However, unlike the Vitter amendment, the Sanders amendment (in Paul’s words) “exempts monetary policy decisions, discount window operations, and agreements with foreign central banks from [GAO] audit.”
The vote on the Vitter amendment is used here to rate Senators on their position on auditing the Fed. We have assigned pluses to the yeas because the American people need to know what the Fed is doing and because this may represent a first step in eliminating the unconstitutional Federal Reserve.
