Maybe we’ll finally see who got the trillions
Under pressure from Jobs with Justice coalitions and their partners like NPA and PICO, the US Senate adopted the Sanders amendment to the banking reform bill (S3217), 96-0, that would bring about an audit of the Federal Reserve.
This is a major step towards accountability, as Fed Head Ben Bernanke has repeatedly refused to tell even members of Congress which financial institutions received trillions of dollars in low or no cost loans from several “special” programs. Despite being broadly popular with voters (like breaking up the big banks and an independent Consumer Financial Protection Agency), Wall Street’s grip on Congress made the audit an uphill battle. But Sanders agreed to compromise language that limited the audit to a one-time examination of the “special” loan programs. Similar language is already in the House version of banking reform.
The Senate is continuing to take up other amendments, to strengthen and weaken the reform bill. Even the New York Times editorialized, “They Have to Do Better” on financial reform.
Let’s keep up the pressure!
- Send a message to your Senator
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- Sign up to join us on K Street in DC on Monday, May 17th at noon
- Can’t make it to DC? Join our virtual march & we’ll keep you posted on how to support the rally from your town
