Senate Banking Committee Chairman Chris Dodd opposes including a provision to audit the Federal Reserve in the Senate’s regulatory reform package, the retiring Connecticut Democrat told the Huffington Post Thursday.
The measure made it into the House bill in November after an unusual insurgency led by Reps. Ron Paul (R-Texas) and Alan Grayson (D-Fla.) beat back a concerted effort by the Fed to kill the provision, and won an overwhelming and bipartisan vote in the House Financial Services Committee. It was an unprecedented legislative defeat for the Federal Reserve, which has never had a real audit in its history. Little is known of what it does with the trillions of dollars at its disposal.
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