Presidential candidate Bernie Sanders has been making headlines recently for his criticism of Wall Street and the Federal Reserve. From The New York Times:
We also need transparency. Too much of the Fed’s business is conducted in secret, known only to the bankers on its various boards and committees. Full and unredacted transcripts of the Federal Open Market Committee must be released to the public within six months, not five years, which is the custom now. If we had made this reform in 2004, the American people would have learned about the housing bubble well in advance of the financial crisis.
In 2010, I inserted an amendment in Dodd-Frank to audit the emergency lending by the Fed during the financial crisis. We need to go further and require the Government Accountability Office to conduct a full and independent audit of the Fed each and every year.
But is Bernie Sanders the foe of Wall Street like he claims? C4L members will recall how Senator Sanders was the one who gutted Audit the Fed legislation in 2010. At the time, Ron Paul stated, "Bernie Sanders has sold out and sided with Chris Dodd to gut Audit the Fed in the Senate. His 'compromise' is what the administration and banking interests want."
C4L members will also note that Senator Sanders is NOT a cosponsor of Audit the Fed (S.2232). The Senate will vote on Audit the Fed on January 12th. Pledge to call your senators, and perhaps give Senator Sanders a phone call too. His number is (202) 224-5141.
Tags: Ron Paul, Audit the Fed, Federal Reserve