Today, both of my state senators (Pennsylvania) effectively voted against the full audit for the Federal Reserve. Their alternative allows the Federal Reserve, a private bank, to remain largely unaccountable for their woeful mismanagement of money and destructive manipulation of the economy – even while they appear to vote for an (incomplete) audit.

If you write to them expressing your displeasure at their decision, please also insist they vote against Senator Dodd's Restoring American Financial Stability Act (S. 3217), which actually increases the Federal Reserve’s powers. Attached is the contact information for both senators as well as the official press release from the Campaign for Liberty, which has rallied support for the Audit the Fed movement.

Sen. Robert Casey
393 Russell Senate Office Building
Washington, DC 20510
(202) 224-6324

Sen. Arlen Specter
711 Hart Senate Office Building
Washington, DC 20510
(202) 224-4254

Full Fed Audit Amendment Voted Down in Senate

Washington, D.C., May 11, 2010 - Today, the U.S. Senate voted 62 to 37 against an amendment to allow greater transparency at the Federal Reserve.

This amendment was introduced to counter a weaker amendment that would have required only a one time audit just of Fed emergency programs. The new amendment was similar to the original H.R. 1207 audit bill introduced by Congressman Ron Paul and added to the House financial reform package.

"The Sanders Amendment is no substitute for a complete and thorough audit of the Fed," said John Tate, President of Campaign for Liberty. "With this vote, we now have a record of those who really want transparency and those who only pay lip-service to it while upholding the status quo."

If the entire financial regulation bill makes it out of the Senate, it heads to the House, where House Financial Services Committee Chairman Barney Frank will choose which version to move forward on.

“The Dodd bill itself is just another bad piece of legislation, which will benefit no one except the Fed and its friends at big banks,” said Tate. “It institutionalizes bailouts for banks and subsidizes risky financial decisions.”

"Despite what happens with the financial regulation bill, we will continue pushing Congress for an up or down vote on H.R. 1207, which is the only full audit to allow true transparency in our financial system.”