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Republican Senators [attempt to] neuter Federal Reserve Transparency bill

By Implode-Explode Heavy Industries

``HR 1207, the bill to Audit the Fed, now has 179 co-sponsors. Currently the leadership of the two parties has not addressed this legislation until recently. A Senate audit bill that is unrelated to HR 1207 titled ?HC-45? was introduced to audit the Fed and was promptly amended to limit the scope. It appears now that a so-called limited government Republican by the name of Richard Shelby did the watering down of the bill. Apparently he has written into the margins of the bill in pencil "with respect to a single and specific partnership or corporation." That means that the scope of the GAO?s audit has been severely limited. This modified version of the amendment does not give GAO authority to look at all of the additional taxpayer risk. Why the secrecy congressmen? Senator Charles Grassley conceded to the amendments, and has therefore shown his stripes as willing to compromise the financial security of the United States citizenry for his own political gain.''

Full post as published by Mortgage Lender Implode-o-Meter on June 01, 2009 (boomark / email).