http://www.marketwatch.com/story/dodd-reaches-deal-on-audit-the-fed-measure-2010-05-07?link=kiosk
Dodd reaches deal with Sanders on audit-the-Fed measure
Bill would have Fed disclose names of bank recipients of emergency loans
By Ronald D. Orol, MarketWatch
WASHINGTON (MarketWatch) -- A measure requiring the government to conduct a one-time audit of the Federal Reserve and release the names of institutions that received more than $2 trillion in loans from the central bank is set to be voted on in the Senate Tuesday morning.
The provision will come to a vote on the Senate floor as a result of a compromise reached late Thursday.
The legislation, which has bipartisan support, is expected to be approved and attached to sweeping bank-reform legislation under consideration on Capitol Hill. It would need to be reconciled with a similar bill approved in the House last December.
The Senate measure would -- for the first time in the central bank's 95-year-history -- require a Government Accountability Office audit of the financial institutions that borrowed from the Fed during the financial crisis.
In addition, the legislation would require the Fed on Dec., 1, 2010, to put on its Web site all of the recipients of the central bank's emergency assistance between December 2007 and the date of the statute's enactment.
More at link...
Dodd reaches deal with Sanders on audit-the-Fed measure
Bill would have Fed disclose names of bank recipients of emergency loans
By Ronald D. Orol, MarketWatch
WASHINGTON (MarketWatch) -- A measure requiring the government to conduct a one-time audit of the Federal Reserve and release the names of institutions that received more than $2 trillion in loans from the central bank is set to be voted on in the Senate Tuesday morning.
The provision will come to a vote on the Senate floor as a result of a compromise reached late Thursday.
The legislation, which has bipartisan support, is expected to be approved and attached to sweeping bank-reform legislation under consideration on Capitol Hill. It would need to be reconciled with a similar bill approved in the House last December.
The Senate measure would -- for the first time in the central bank's 95-year-history -- require a Government Accountability Office audit of the financial institutions that borrowed from the Fed during the financial crisis.
In addition, the legislation would require the Fed on Dec., 1, 2010, to put on its Web site all of the recipients of the central bank's emergency assistance between December 2007 and the date of the statute's enactment.
More at link...