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Paul-Grayson Fed Audit Plan Clears Committee
NYT on House committee vote repudiating Fed: "Mr. Paul, a libertarian Republican who has called for abolishing the Fed entirely, has introduced a version of his bill in every session of Congress since the early 1980s and never made any progress. But the Fed’s trillion-dollar efforts to bail out major banks and rescue the financial system provoked a popular firestorm that ignited both right-wing Republicans and left-wing Democrats. Mr. Paul’s amendment would instruct the Government Accountability Office, the investigative arm of Congress, to carry out audits of all the Fed’s operations. Those include an array of emergency lending programs, bailouts of giant financial institutions, dealings with foreign central banks and the central bank’s efforts to drive down interest rates by intervening in bond markets. Mr. Frank had already agreed that the G.A.O. should be authorized to audit all of the Fed’s rescue programs, but he had wanted to wall off the Fed’s more basic job of setting interest rates to steer the economy."
Vote on overall financial reform package stalled by Black Caucus members demanding more action on economy. The Hill: "Frank delayed the panel’s final vote after Congressional Black Caucus members said they would withhold their votes. 'It has nothing to do with the underlying bill,' said Steve Adamske, Frank’s spokesman. 'It has to do with larger economic issues with the African American community.'"
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