(Washington, D.C.) – Today, an amendment co-sponsored by U.S. Senator Patty Murray (D-WA) to audit the Federal Reserve was included as part of Wall Street Reform legislation. The amendment, which passed by a vote of 96-0, requires increased oversight over the Federal Reserve, providing more transparency and accountability into its actions, especially those new programs created to assist companies in response to the financial crisis.
“Americans deserve to know how their money is being spent," said Senator Murray. "This amendment means the Federal Reserve can no longer spend taxpayer dollars in secrecy and will be held accountable for their dealings with Wall Street."
The amendment Senator Murray voted to support will give the Government Accountability Office (GAO) the authority to perform a full audit on the emergency actions of the Federal Reserve from the start of the financial crisis in 2007, allowing every American to see which companies received assistance.
The GAO will make the findings of their research available online.
The amendment that passed today was introduced by Senators Bernie Sanders (I-VT) and Chris Dodd (D-CT) and co-sponsored by Senator Murray.
Senator Murray has said that increasing oversight is one of the core principles in strong Wall Street Reform legislation that she is working to pass to hold Wall Street accountable and protect Washington families.