In a disappointing vote, the Senate shot down the Vitters Amendment that would have required an annual audit of the Federal Reserve. Instead the Senate approved Bernie Sanders amendment, which gives Congress a one-time audit. The Fed should have no problem fudging the books to pass that audit. It would be decidedly more difficult to manipulate their books on an on-going basis. This vote is another example that the banking industry runs the show in DC.
Sanders sold out in this measure. He was supposedly pushing the same legislation the the Paul-Grayson bill in the House. I can go on and on about why we should audit the Fed. I am against a small cartel of men and women who sit behind closed doors and have the ability to affect the economy with no recourse. This is a component of central planning, not free markets. If you want a good example of why we need to audit the Fed, check out the video by Congressman Grayson of Florida (tip of the hat to Mish).