One aspect of the behemoth finance reform bill now being debated in the Senate that has not attracted any mainstream media attention is its limitations on congressional power over the Federal Reserve. In particular, the bill in its current form would overturn legislation, passed by the House late last year, that would give Congress the power and, indeed, the legal obligation, to audit the Fed.
Representative Alan Grayson, a co-author (with Congressman Ron Paul) of House legislation to audit the Fed, told Zero Hedge, a news feed for options traders, that the Senate finance reform bill retains only a few tepid remnants of authority to audit America’s central bank:
The House bill grants the GAO the authority to audit the Fed, and then releases that information to Congress with a six-month delay, to prevent traders from gaming the system.
The Senate version only allows the GAO to audit a certain part of the Federal Reserve, its emergency lending facilities. The GAO already has some of that authority. Amazingly, the Senate version forces the GAO to withhold this information from the public, and Congress, for as long as the Federal Reserve chooses….
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