Senate Greenlights Audit Of Fed Crisis Activity

Law360, New York (May 11, 2010, 4:55 PM EDT) -- The U.S. Senate on Tuesday unanimously approved an addition to financial regulatory reform legislation that authorizes a one-time audit of all emergency action taken by the Federal Reserve since the beginning of the financial crisis in 2007, including the names of recipients of $2 trillion in Fed aid.

Senators voted 96-0 in favor of the amendment, proposed by Sen. Bernie Sanders, I-Conn., as part of S. 3217, the Restoring American Financial Stability Act, sponsored by Senate Banking Committee chairman Chris Dodd, D-Conn.

The revised Sanders amendment...
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