Another cop out? WASHINGTON (AP -- The Senate voted unanimously Tuesday to authorize an examination of the Federal Reserve's closely guarded emergency lending to financial institutions in the months surrounding the 2008 financial crisis. The measure passed 96-0 as an amendment to a comprehensive financial regulation bill before the Senate. The vote came as the Fed ramped up its emergency program to keep a European debt crisis from spreading further. (Source: http://finance.yahoo.com/news/Senat...6.html?x=0&sec=topStories&pos=1&asset=&ccode=)
I'm a little confused on conflicting reports. Does this accomplish a comprehensive audit of the FED? What was it that the senate voted down? Is this a victory or just something to keep us quiet that doesn't accomplish anything?
Will this audit become public information? Or will some Senate sub-committee look at the numbers and just tell us "Everything's fine. Nothing to see here. Move along now."
I'm sure GAO is one hell of a fine agency just like any other government agencies, but just how the hell will they procure the needed documents from the Fed? What? They merely ask politely and Bernanke & Co. will hand over any necessary documents? Yeah, right. And like I said above, why just ONE audit?