Alan Grayson To The Fed: 'We'll Be Back'

[babsbunny]

http://www.huffingtonpost.com/2010/07/09/alan-grayson-to-the-fed-w_n_641244.html?igoogle=1

First Posted: 07- 9-10 04:06 PM | Updated: 07- 9-10 04:23 PM

The Wall Street reform package currently awaiting the return of Congress from the Fourth of July recess is packed with provisions that will remake the financial landscape. One element, though, which has gotten relatively little attention in the media, is a wild card: the authorization of a far-reaching audit of the Federal Reserve for the first time in the central bank's history.

The audit measure is retroactive -- it requires unprecedented disclosure of the identity of businesses, banks, hedge funds, foreign central banks or any other entity that was on the receiving end of Fed largess, and will reveal how much they got and on what terms. The information is required to be posted online within 30 days of the law's enactment.

[pleah]

1. K&R

[Ruby the Liberal]

2. Problem is that it is a one time deal, going back to 2007

Reps Grayson/Paul and Sen Sanders wanted ongoing audit authority. That got stripped out of the senate version of the bill.

[Rosa Luxemburg]

3. well it needs to be put back

[Ruby the Liberal]

4. Sen Sanders fought for that.

I don't recall specifically, but I think it was Ben Nelson's vote he agreed to drop perpetuity for.

On edit - I didn't read the link, but my guess is that Grayson is putting the Fed on notice that he isn't done with this yet.

[Rosa Luxemburg]

6. Grayson should push this as soon as he can

this is one of the issues important for November

[Trillo]

5. kr