Senate Banking Committee Chairman Chris Dodd opposes including a provision to audit the Federal Reserve in the Senate's regulatory reform package, the retiring Connecticut Democrat told the Huffington Post Thursday.
The measure made it into the House bill in November after an unusual insurgency led by Reps. Ron Paul (R-Texas) and Alan Grayson (D-Fla.) beat back a concerted effort by the Fed to kill the provision, and won an overwhelming and bipartisan vote in the House Financial Services Committee. It was an unprecedented legislative defeat for the Federal Reserve, which has never had a real audit in its history. Little is known of what it does with the trillions of dollars at its disposal.
And if Dodd has his way, it will stay that way.
"No, no," Dodd said firmly of the audit requirement. "It's not in the Senate bill."
Asked if he wanted it in, he was just as emphatic.
"I don't. No," said Dodd.
The House measure would allow the Government Accountability Office to audit the Federal Reserve's balance sheet, while creating a 180-day delay in the release of any information about market actions the bank has taken, in order to alleviate concerns that Congress would be undermining the Fed's independence from politics.
That's not enough assurance for Dodd, although he said he'd consider opening a window into some of the Fed's operations. "I don't mind certain audit provisions in there, but not the one they did in the House," he said.
rest at http://www.huffingtonpost.com/2010/01/22/dodd-opposes-fed-audit_n_432717.html
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