Both of Michigan’s U.S. Senators (Stabenow and Levin) voted “Nay” against an amendment proposed to audit the Federal Reserve. This vote falls right in line with Levin’s “Yea” vote for the bank bailouts. The amendment would have at least put some transparency into the Federal Reserve. The Senator Dodd bill (Restoring American Financial Stability Act of 2010) it would be attached to intends to extend the power of the Federal Reserve (not good). Of course, Stabenow has put quite a spin on how Dodd’s bill will ”protect consumers”:
“This bill creates a new, independent agency with broad authority to monitor banks, credit card companies and other Wall Street firms for abusive practices – and intervene when necessary to protect consumers.”
What Stabenow and Levin don’t seem to understand is how the Federal Reserve was the problem to begin with. If you read Dodd’s bill, you will see for yourself that the Federal Reserve will be a significant part of this ”independent agency” (page 12 out of 1566). The same “independent agency” that was responsible for disbursing the bailout funds…but won’t show you HOW they were disbursed.
When I am elected, not only will I vote for and/or propose a bill auditing the Federal Reserve, I will vote for and/or propose a bill to END the Federal Reserve.