"Audit the Fed" amendment passes Senate in landslide

Ron Paul almost gets his wish (and you're next, floating currency)

Published May 11, 2010 4:45PM (EDT)

The Bernie Sanders/White House compromise on his amendment to the financial reform bill calling for an audit of the Federal Reserve just passed the Senate 96-0, which means it must be the best legislation ever. (According to the traditions of the Senate and the ancient rules of Beltway punditry, legislation is only good when it attracts broad bipartisan support, like wars based on faulty intelligence.)

The original intent of the bill was a continual audit of all the Fed's activities. (Well, the original intent of Ron Paul was to dismantle the Federal Reserve and go back to a gold standard.) The White House compromise makes it a one-time audit of the Fed's emergency lending. Which, you know, is still good.

David Vitter's amendment adopting the original, stonger Ron Paul/Alan Grayson language failed 37-62.

Predictably, Ron Paul is furious with the compromise bill. Because, again, he wants to end the Fed entirely and return to the gold standard.

By Alex Pareene

Alex Pareene writes about politics for Salon and is the author of "The Rude Guide to Mitt." Email him at apareene@salon.com and follow him on Twitter @pareene

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