Tell the Senate: Audit the Federal Reserve!

(The lower house’s bill to audit the Fed was successfully pushed by Ron Paul and Alan Grayson.)

Our friends at Firedoglake sent this out this morning:

Hi Vern.

The Senate is about to debate financial reform legislation. While the bill itself is far from what’s needed to shut down Wall Street’s casinos, we have a big opportunity to bring real accountability to the big banks.

The Federal Reserve, the central bank for the United States, spent more than $2 trillion in secret bailouts for big banks during the financial crisis. Problem is, it’s refusing to give any details about how it spent that huge sum of money.

If we can audit the Fed, we can find out how it propped up which big banks, bringing accountability to our financial system. Big Banks and their bought-off members of Congress have tried to stop them every step of the way. And the banks almost won.

Now we have a real shot at forcing – and winning – a vote to Audit the Fed on the floor of the Senate next week. But that’s only if we can rise up and beat back the big banks.

Add your name to a letter asking the Senate to vote on an amendment to audit the Federal Reserve and find out what happened to $2 trillion for the big banks. Click here to sign:

http://action.firedoglake.com/page/s/auditfed?source=email

Auditing the Fed is a way to add real teeth to the financial regulation bill. That’s why throughout the financial reform debate, Reps. Alan Grayson and Ron Paul have led the fight to audit the Fed.

While the bulk of financial reform legislation has been watered down by big bank lobbyists, the bill isn’t subject to a simple all-or-nothing vote like health care reform. The Senate will actually allow votes on amendments to the bill, creating the opportunity to include “Audit the Fed” language in financial reform.

Senator Bernie Sanders, leading a bipartisan group of Senators that includes Russ Feingold, Ron Wyden, Chuck Grassley, Jim DeMint and Sam Brownback, has an amendment to audit the Fed that would do nothing more than allow taxpayers to look at how money was spent following the financial collapse in 2008. The little information released by the Fed shows $2 trillion in bailouts to prop up failing banks, but we don’t know more details.

That doesn’t stop members of Congress owned by the big banks from doing all they can stop the movement to audit the Fed.

The only people who really know what happens at the Fed are the bankers themselves.

Not only would auditing the Fed expose the ways in which trillions of dollars were used to bailout too-big-to-fail banks, but also force our senators to choose sides. Either they’re in favor of greater accountability to the American public, or they’re in favor of preserving the secret deals for the benefit of Wall Street profits.

It’s time to Audit the Fed to find out what happened to $2 trillion in bailouts. Click here to sign the letter calling for the Senate to vote on the amendment to Audit the Fed.

http://action.firedoglake.com/page/s/auditfed?source=email

Auditing the Fed could restore the public’s trust in our financial system, and help us avoid another mismanaged disaster from occurring. With your help, we can end the historic secrecy surrounding the Fed.

Thanks for all you do.

Michael Whitney
Firedoglake.com