Bipartisan support growing for audit of Federal Reserve

by Vicki Needham - 05/04/10 11:40 PM ET

A nearly identical provision is included in the House-passed measure.

The amendment requires the an independent audit within one year of enactment of the bill, requires the GAO to submit a report to Congress, require the Fed to disclose the names of the financial institutions and foreign central banks that received assistance since the start of the recession, how much they received and the terms. The amendment doesn’t allow interference on the Fed’s monetary policy.

Besides Sanders and Hatch the bill has 18 other co-sponsors: Sens. Jim DeMint (R-S.C.); Bob Bennett (R-Utah); Patrick Leahy (D-Vt.); Sam Brownback (R-Kan.); Ron Wyden (D-Ore.); John McCain (R-Ariz.); Russ Feingold (D-Wis.); David Vitter (R-La.); Byron Dorgan (D-N.D.); Chuck Grassley (R-Iowa); Maria Cantwell (D-Wash.); Lindsey Graham (R-S.C.); Jeanne Shaheen (D-N.H.); Roger Wicker (R-Miss.); Barbara Boxer (D-Calif.); Jim Risch (R-Idaho); Mike Crapo (R-Idaho); Jim Bunning (R-Ky.).