Is a Federal Reserve Audit Getting Closer?

An interesting group is forming in the Senate with plans to fight for an amendment to the Wall Street reform bill that would expose the Federal Reserve to a serious audit by the Government Accountability Office. Sponsored by Sen. Bernie Sanders, the language is modeled after an amendment that passed the House and was sponsored there by Reps. Alan Grayson (D-Fla.) and Ron Paul (R-Texas). Sanders is joined by four Republicans, John McCain (Ariz.), Jim DeMint (S.C.), David Vitter (La.) and Sam Brownback (Kan.). If Democrats in the Senate back the measure, it would have at least 63 votes, but Banking Committee Chairman Chris Dodd (D-Conn.) is opposed and has argued against the broad audit, which again raises questions of Dodd's plans to become a lobbyist, possibly even for the Fed or affiliated groups, after he retires from the senate this year. The group is busy bringing in cosponsors as the Senate continues to vote to break a GOP filibuster. So now we have multiple cross-currents in this effort to regulate the banking industry: The Republicans are nakedly using their opposition to reform as a way to raise more and more campaign cash from the big banks, while the Democrat in charge of the effort, Chris Dodd, seems committed to keeping the bill week and his option to get a job as a lobbyist when he leaves the senate open. The big losers in this deal? The people of America and the economy of the world. The winners? The banksters. Now may be a good time to call Chris Dodd and tell him that auditing the Fed and passing really, really strong financial services industry regulation is necessary.

Thom's Blog Is On the Move

Hello All

Thom's blog in this space and moving to a new home.

Please follow us across to hartmannreport.com - this will be the only place going forward to read Thom's blog posts and articles.

From The Thom Hartmann Reader:
"Through compelling personal stories, Hartmann presents a dramatic and deeply disturbing picture of humans as a profoundly troubled species. Hope lies in his inspiring vision of our enormous unrealized potential and his description of the path to its realization."
David Korten, author of Agenda for a New Economy, The Great Turning, and When Corporations Rule the World
From The Thom Hartmann Reader:
"Right through the worst of the Bush years and into the present, Thom Hartmann has been one of the very few voices constantly willing to tell the truth. Rank him up there with Jon Stewart, Bill Moyers, and Paul Krugman for having the sheer persistent courage of his convictions."
Bill McKibben, author of Eaarth
From The Thom Hartmann Reader:
"Thom Hartmann channels the best of the American Founders with voice and pen. His deep attachment to a democratic civil society is just the medicine America needs."
Tom Hayden, author of The Long Sixties and director, Peace and Justice Resource Center.