Take the easy vote!
The amended version of Audit the Fed passed the Senate 96 to 0 today. A version that was closer to the original -- that is to say, it would've created a regular audit rather than a one-time audit -- lost, 37 to 62. I'm a bit confused by a world in which 96 senators think we need to know what the Fed did in 2008 and 2009 but only 37 think we'll need to know what the Fed did in 2012 and 2013.
That isn't, by the way, a statement of support of auditing the Fed. I'm honestly a bit undecided on the issue. On the one hand, there's much the public should know here. On the other, the political system is a mess of irresponsibility and demagoguery right now, and that makes the Federal Reserve's freedom of movement more important, and possibly less likely. But I'm totally baffled by the idea of a one-time audit.
May 11, 2010; 3:43 PM ET
Categories: Federal Reserve
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