Senate backs one-time audit of Fed bailout role

Posted May 11, 2010 at 11:48 a.m.

From Reuters | The Senate on Tuesday approved a proposal, from independent Senator Bernie Sanders, to look at the Federal Reserve’s role in the Wall Street bailouts of 2008-2009, as part of a broad financial regulation reform bill. The proposal would make congressional investigators conduct a single audit of the U.S. central bank’s use of its emergency lending authority since December 2007. It would require the Fed to disclose which banks received its help by December 1.

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