When it comes to halting corporatism; never trust a socialist to do a libertarian’s job. Back in June of 2009, I noted the irony that libertarian Ron Paul and the self-identified social democrat, Bernie Sanders both introduced a bill to audit the very secretive Federal Reserve (H.R. 1207 in the House and S. 604 in the Senate).
After Ron Paul, every Republican in the House and a large number of Democrats pushed through H.R. 1207 (against the efforts of the Federal Reserve and their former Enron lobbyist), Bernie Sanders went soft. It appears he has comprised the teeth out of S. 604 and put the effort to audit the Fed in jeopardy. According to TalkingPointMemos.com:
“In order to allay some of the White House’s and the Fed’s concerns, [Bernie] Sanders has agreed to limit the scope of what the Government Accountability Office would be allowed to audit.”
“According to our sources on the Hill, Senator Bernie Sanders caved to pressure from the White House and Chris Dodd and stripped out the Paul-Grayson language from his Fed transparency amendment. “What Sanders is now proposing is essentially the Watt amendment we all opposed last year in the House. In addition, it supports just a one-time audit.”
Not particularly surprising, but disappointing nonetheless. Here’s Ron Paul discussing the latest developments: