Ron Paul has released a statement on Bernie Sanders’ decision to gut his Audit the Fed amendment:

Bernie Sanders has sold out and sided with Chris Dodd to gut Audit the Fed in the Senate. His “compromise” is what the Administration and banking interests want: they’ll allow the TARP and TALF to be audited, but no transparency of the FOMC, discount window operations or agreement with foreign central banks. We need to take action and stop this!

The audit is only allowed back to December 2007, which leaves most of the work of the Fed’s Open Markets Committee in the dark — they were the ones who were supposed to be watching over Wall Street when they were laying the groundwork for the collapse.  And according to Jay Newton-Small of Time Magazine, there will only be one audit — it will not be ongoing.

Ron Paul and Alan Grayson worked like dogs to get this through the House.  And the White House would not have gone to Sanders if they’d been able to peel off the votes to tank the amendment.  But with 68 Senators having voted for it or cosponsored it in the past year, that was a heavy lift.  Bernie was the weak link.

Moral of the story?  Even when you have 60 votes, you don’t have 60 votes. We did what we were supposed to do.  For a year.   We whipped cosponsors. We beat back efforts to torpedo the bill.  We worked with the libertarians to form a right-left coalition, the true “bipartisan” kind that you never see, on an issue that the public overwhelmingly supports:  accountability for the banks.  The votes were there in the Senate.

Bernie traded it all away.  He was singing the praises of the Campaign for Liberty today from the floor of the Senate, and now they’re saying he sucks.  They’re right.  Ron Paul is calling for this to be stopped, but I frankly don’t know what can be done.

Jane Hamsher

Jane Hamsher

Jane is the founder of Her work has also appeared on the Huffington Post, Alternet and The American Prospect. She’s the author of the best selling book Killer Instinct and has produced such films Natural Born Killers and Permanent Midnight. She lives in Washington DC.
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