The vote takes place later today, and the flip-flopping necessary to whittle down those 67 votes of support has already begun. Yesterday, Claire McCaskill and Richard Burr got a head start.
Several of Kay Hagan’s constituents have posted copies of a letter she sent them in response to inquiries on Audit the Fed. It contains your general dumbshit counter-intuitive misinformation, like “there is already a 100 percent audit of the Federal Reserve,” which would cause most folks to scratch their heads and wonder why the White House is fighting it so hard if that’s true. But the letter is interesting more for what it doesn’t say:
The Federal Reserve Sunshine Act (S. 604 / H.R. 1207) was introduced in the Senate on March 16, 2009, and in the House of Representatives on February 26, 2009. The Senate bill was referred to the Committee on Banking, Housing, and Urban Affairs and the House bill was referred to the Committee on Financial Services. Both bills reform the manner in which the Board of Governors of the Federal Reserve System is audited by the General Accountability Office (GAO) and the manner in which such audits are reported.
She’s right that Ron Paul initially offered H.R. 1207, Audit the Fed, in the House. And that Bernie Sanders subsequently sponsored it in the Senate as the Federal Reserve Sunshine Act, S.604. But she leaves out the part where Sanders offered Audit the Fed as an amendment last year, and that she herself voted in favor of that specific amendment.
Hagan:
The formulation of monetary policy is a decision-making process that involves information gathering from a host of foreign governments and central banks. The information provided from those exchanges is critical and extremely sensitive. The immediate and broad disclosure that S. 604 would require could disrupt the financial markets, and jeopardize our country’s international finance relationships. Ultimately, it would be taxpayers who would bear the brunt of any losses resulting from policies caused by untimely disclosure of sensitive information. Because of this, I do not believe the benefits of legislation like the Federal Reserve Sunshine Act outweigh the costs.
JP Morgan chief Jamie Dimon sits on the board of the NY Federal Reserve. He knows what the Fed is doing. But Hagan says Congress can’t be trusted with that information because they would leak like a seive and the markets would crash. In the short span of a year, she has decided she doesn’t want anyone to tell her anything, and that we should just trust Jamie Dimon to do the right thing.
That’s. . . delightful.
Hagen’s office number: 202-224-6342
Jeff Merkely is working with the White House and the Fed to torpedo Audit the Fed just like Mel Watt did in the House. Here are the 67 Senators, many of whom will have to do the Hagen flip-flop to ensure its failure, for those who are counting:
| Senator | Party | State | Voted for Bill in 09 | Cosponsored Bill | Cosponsored Amendment | 2010 Reelection |
|---|---|---|---|---|---|---|
| Akaka | D | HI | x | |||
| Barrasso | R | WY | x | |||
| Begich | D | AK | x | |||
| Bennett | R | UT | x | x | x | |
| Boxer | D | CA | x | x | x | x |
| Brown | D | OH | x | |||
| Brownback | R | KS | x | x | x | |
| Bunning | R | KY | x | x | x | |
| Burr | R | NC | x | x | x | x |
| Burris | D | IL | x | |||
| Byrd | D | WV | x | |||
| Cantwell | D | WA | x | |||
| Cardin | D | MD | x | x | ||
| Casey | D | PA | x | |||
| Chambliss | R | GA | x | |||
| Coburn | R | OK | x | x | x | x |
| Cochran | R | MS | x | |||
| Collins | R | ME | x | |||
| Conrad | D | ND | x | |||
| Cornyn | R | Tx | x | x | ||
| Crapo | R | ID | x | x | x | x |
| DeMint | R | SC | x | x | x | x |
| Dorgan | D | ND | x | x | x | |
| Durbin | D | IL | x | |||
| Ensign | R | NV | x | |||
| Feingold | D | WI | x | x | x | x |
| Feinstein | D | CA | x | |||
| Graham | R | SC | x | x | x | |
| Grassley | R | IA | x | x | x | x |
| Hagan | D | NC | x | |||
| Harkin | D | IA | x | x | ||
| Hatch | R | UT | x | x | ||
| Hutchison | R | TX | x | x | ||
| Inhofe | R | OK | x | x | ||
| Inouye | D | HI | x | |||
| Isakson | R | GA | x | x | ||
| Kerry | D | MA | x | |||
| Klobuchar | D | MN | x | |||
| Landrieu | D | LA | x | x | ||
| Leahy | D | VT | x | x | x | x |
| Levin | D | MI | x | |||
| Lincoln | D | AR | x | x | x | x |
| McCain | R | AZ | x | x | x | x |
| McCaskill | D | MO | x | |||
| Merkley | D | OR | x | |||
| Mikulski | D | MD | x | x | ||
| Murkowski | R | AK | x | x | ||
| Murray | D | WA | x | |||
| Nelson | D | FL | x | |||
| Pryor | D | AR | x | |||
| Reid | D | NV | x | x | ||
| Risch | R | ID | x | x | x | |
| Roberts | R | KS | x | |||
| Rockefeller | D | WV | x | |||
| Sanders | I | VT | x | x | x | |
| Sessions | R | AL | x | |||
| Snowe | R | ME | x | |||
| Specter | R | PA | x | x | ||
| Stabenow | D | MI | x | |||
| Tester | D | MT | x | |||
| Thune | R | SD | x | x | x | |
| Udall | D | NM | x | |||
| Vitter | R | LA | x | x | x | x |
| Webb | D | VA | x | x | ||
| Whitehouse | D | RI | x | |||
| Wicker | R | MS | x | |||
| Wyden | D | OR | x | x | x | x |




37 Comments

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About FDL Action
That picture seems to have caught Ms Hagan mid simper.
Tell her she flips again all the Dems flip or we send this post straight to their GOP and Tea Bag opponents this election.
Ask her if she knows the amount of research we do? Ask her if she knows news producers looking for stories google topics and see our stuff.
Ask her if she wants to risk being the next Joe Lieberman,George Allen, Trent Lott?
Serious question: Is there more going on here than the usual campaign
briberycontributions? What is it that they’re not telling us? Surely there are some creatures on Capitol Hill who have a good idea what might be disclosed if and and a real audit is performed.As for, “there is already a 100 percent audit of the Federal Reserve,”
pftt…
I believe she is acting on her principles.
Yes from a business side the voters anger toward banks is sure to increase if the public realizes the banks got paid full pre banking crash value for Ninja loans.
The Government forced us to make these loans is a GOP talking point only 20%ers believe.
Jane,FWIW.
What about the international implications? Something there just doesn’t pass the smell test for me.
OT, or maybe not. Dow down 1000 points. Chickens coming home to roost.
Maybe this will get the people out in the streets. Hard to spin this one.
What do you suspect?
Overvalued by about 400% anyway…
Next thing they want to keep quiet how many political donations were made after the banking crisis but before the bailout by banks and by people, companies, hedgefunds etc who did not want their loans pulled because the capital often stock they used as collateral went down in value and the banks would have had to demand more collateral for those loans.
Fox News for example likely used its stock as collateral to buy the Wallstreet Journal Fox’s stock is still down from its high’s the banks should have asked for more stock as Fox’s stock price went down.
Instead the banks got T bills. Fox got saved and we got screwed.
Jane, a new post just hit NakedCapitalism encouraging people to call their Senators re: TBTF. It argues that this is the moment and people really **must** phone their electeds. Worth including on this thread, I hope.
BTW: Could FDL please put the Bill Numbers in posts, as it’s important when talking with aides to confirm that we’re talking about the identical bills they think we are.
Also, could Bill Numbers please be included in all posts asking for people to contact their electeds. Thx.
But Merkley-Corker is bipartisan. Can’t we all just get along?
This seems a little extra stupid a move given the odor surrounding banks these days.
there is already a
100 percent audit of the Federal Reserve, provision to guard against evergreeningForeign banks bought our homeloan debt. The banking Crisis started when a Carlyle Group (Bush 1′s hedgefund)
was closed by a european country.
Why they did not have enough collateral. The American Banks and Hedgefunds would have faced Europe seizing all their overseas assets.
Iceland for example couldn’t pay unlike us and I think England still has their assets frozen.
Imagine what happens to a companies stock if 20% of their assets are seized? You get a run on the stock you get short selling why nobody thinks all the bad news has come out yet.
Trillions of dollars worth of imaginary money would have been lost!
Crap the selling is in the banks I bet and the other financial companies.
Kay Hagan is owned by Bank of America. No big surprise.
During the health care debate we discovered that she really doesn’t listen to constituents.
I guess the lobbyists found just a wee bit more money in their goody bag for Ms. Kagan. Traitor.
Greek Debt fears Greece is rioting notice the Greeks wanted to sell the countries assets at bargain prices and tax the middle class.
Greece never did talk about taxing the rich who made Greece’s financial decisions more.
Spain, Italy, Iceland could be next.
Time for a tax on the rich’s assets.
Heading down to S&P 500 price of 900, at least.
Maybe the Greece “crisis” will come into play now. Must pass reform at 2am. Fast. Civilization hangs in the balance. Dodd bill, straight away, no amendments, no audits. Dodd (with Shelby and Corker of course for that nice “bipartisan” flare) is the guy to clear it all up for the average American.
It’s everything but gold. Machine malfunction likely, now down only 400 Dow. Triggered by Greece situation, but probably a computer glitch as well. I’ve seen this once before. It’s overdue, my hair’s been on fire.
Heading down a lot more, just not today.
Nouriel Roubini on CNBC talking about the socializing credit losses.
Dow went down and then back up a total of about 1300 points in 20 minutes. Love to hear all the retail brokers telling their clients not to worry.
All is well.
Guess this Act III, Scene 5 of the ongoing Kabuki show. Our corporate overlords scoff at the citizens of Greece. Whadda they gonna do? Where are they gonna go? And so on… send in the clowns (Erick son of Erick: we’re ready for your close up…). and so, on it goes.
The rise up, against a quick tide could only come from program trading. The friendly folks at GS and JPMorgan perhaps doing a bit of magic for the folks voting on financial reform.
“Hey, Rocky, watch me pull a rabbit outta my hat.”
Jane, in case you are interested, I just talked to Matt in Herb Kohl’s DC office (DINO-WI). Matt was terrific, had very detailed knowledge of the bill and the Sanders amendment.
I have no idea, but if I had to guess, I’d say it ain’t gonna be pretty, whatever it is.
what is Kohl’s current position on Audit The Fed ?
he was one of my rotating villains picks – would love to be wrong
Wait till Friday nobody wants to hold stock over the weekend and be unable to sell when waiting for the weekend bury the bad news release.
They’ve passed two amendments so far today so far, Shelby-Dodd’s and Testor’s. There will be amendments, apparently.
UPDATE: Oops, vote on Shelby-Dodd Amendment was yesterday…
I totally agree Kay Hagan is a Bank of America Puppet, she should get one of those NASCAR suits, that displays her love for Bank Of America.
I’m sad to say Hagan is one of my senators. Then again, I would be sad to say pretty much any of these dishonest corporate whores are one of my reps.
Anywho, the person who “deals with such matters” was not at their desk, so I left in the voicemail a request for Hagan to release a statement to explain why she voted for the bill a year ago (when it didnt have a chance to pass), but now has flipped to voting against it (when it sorta looked like it could get votes).
I also said I thought she should vote for it as the American people have a right to know what the Fed is doing with our money.
Wont matter though. We are not their true constituence. Corporations are.
What will auditing the Fed accomplish?
At which point in time? For which position? Or was your question snark?
What is wrong with having transparency in an institution in a democratic country as ours. Whole world looks up to us as an example to follow and I think we are setting up a bad example here. If FED is 100% audited then this audit amendment simply reinforces that 100% audit already on-going as stated. It is always better to have check and balances. If our founding fathers did not think long term and create this kind of structure in a concise wonderful document of constitution we would have ended up with dictatorship and a bad example for the whole world.
My request to senators is to think long-term. Decision on FED might affect their own economic security besides their constituents if they do not create some form of check and balance with congressional & GAO oversight.