Senate votes 96-0 to audit the Federal Reserve 

Ron Paul fans, rejoice. The Senate just voted to attach an amendment to the financial reform bill that would require a one-time audit of the Federal Reserve. Oh, and you might want to stock up on gold before the results of the audit come in:

The Senate on Tuesday 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, The New York Times’s David M. Herszenhorn reports from Washington.

The amendment, proposed by Senator Bernard Sanders, independent of Vermont, above, would require the Government Accountability Office to scrutinize some $2 trillion in emergency lending that the Fed provided to the nation’s biggest banks. The vote was 96 to 0.

“At a time when the Federal Reserve has provided the largest taxpayer bailout in the history of the world, the largest financial institutions in this country, trillion-dollar institutions,” Mr. Sanders said in a floor speech, “the Sanders amendment makes it clear that the Fed can no longer operate in the kind of secrecy that it has operated in forever.”

He added, “For the first time the American people will know exactly who received over $2 trillion in zero or virtually zero-interest loans from the Fed, and they will know the exact terms of those financial arrangements.”

Last week, I saw Bernie Sanders discussing his proposal on Ed Schultz’s MSNBC program, if you read transcript it might as well have been Ron Paul making the same arguments. Now when are conservatives again going to find themselves in agreement with Congress’ only declared socialist?

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Mark Hemingway

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