Tag Archives: Grayson

Alan Grayson Discloses That Dodd Bill Covertly Eliminates Already Passed Legislation Requiring Full Fed Audit

Zero Hedge 04/23/2010

Once again we get confirmation that Chris Dodd is nothing but a paid manservant for his Federal Reserve masters, in addition to being a lame duck, whose last days in office are meant to do everything to allow the old-school Wall Street ways of endless secrecy and Fed bailouts to continue in perpetuity. As Ryan Grim points out “Alan Grayson and co-author Rep. Ron Paul passed legislation through the House that would allow the Government Accountability Office (GAO) to audit the Federal Reserve and, after a delay, release the information to Congress. It was a remarkable victory, with a populist coalition beating back the combined lobbying efforts of the Treasury Department, the Fed and Wall Street banks.  The Senate has been more hostile territory for the Fed audit provision. Banking Committee Chairman Chris Dodd (D-Conn.) opposes the Grayson-Paul version, but allowed a much more restrictive audit proposal from Sen. Jeff Merkley (D-Oregon) into his bill.” Why and how Dodd believes he can stand against this critical issue, that over 80% of America supports by demanding Fed transparency, is beyond any rational attempts at explanation. How he hopes to get away with it is even more mindboggling.

From the Huffington Post:

The Wall Street reform bill headed for a test vote on the Senate floor Monday night will allow the Federal Reserve to continue to pump trillions of dollars into major banks largely in secrecy, the co-author of House language that would open the central bank to an audit charged in a memo to the Senate.

“The Senate has a provision in its reform bill that purports to audit the Fed. But, it really doesn’t do anything of the sort. I’m going to run down the details for you, and reprint the legislative language so you can read it yourself,” writes Rep. Alan Grayson (D-Fla.).

Grayson’s summary of the bill’s shortcomings, presented below, indicate that the “Senate bill would allow an audit of the TALF program and slightly expands authority to audit emergency lending conducted under section 13(3) of the Federal Reserve Act, but restricts it to very specific purposes. Meanwhile, it would not allow the GAO to look into the Fed’s massive purchase of toxic assets, its hundreds of billions in foreign currency swaps with other central banks or its open market operations, among other restrictions.”

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Taking Aim At SCOTUS Ruling: Grayson Gets Powerful Ally For ‘Save Our Democracy’ Bill

On the Hill

Already fast out of the box with an entire suite of legislation aimed at rolling back this week’s Supreme Court campaign finance decision, a freshman House member has just as quickly picked up important backing for at least one of his measures to put the lid back on money in politics.

In a split 5-4 conservative decision that was breaktaking in its breadth, the high court struck down most of the federal campaign finance apparatus — much of it put into law on a bipartisan basis — designed to limit the power of corporations in American politics.

While senior Democrats from President Obama on down angrily denounced the decision and vowed to develop responses, they haven’t been as forthcoming about just what those solutions might be.

Not freshman Rep. Alan Grayson (D-Fla.). The Orlando-area liberal has proposed six bills designed to reinstate limits on the influence of big business in politics that the court’s five conservative members did away with, some of those limits dating to the administration of President Teddy Roosevelt.

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