Senator Jim DeMint of SC believes the American public deserves to hear the details of the banking bailout and has proposed legislation to audit the Federal Reserve. He states that he will hold off on reappointing Fed Reserve Board Chairman Ben Bernanke until the senate votes on the audit bill.
Bernanke's term ends Jan. 31, 2010.
No Audit, No Confirmation 205
“Under Mr. Bernanke’s leadership, the Fed has lent several trillion dollars to failing financial institutions that should have been held accountable by market forces,”
“The total amount of these bailouts exceeds the entire annual budget of the U.S. Yet the public has not been given adequate information about these bailouts. In fact, Mr. Bernanke has led the fight against bipartisan legislation in the House and the Senate to require a full audit of the Fed so Americans know what has taken place and what mistakes have been made,” DeMint said.
So, should the Fed be audited? Should Bernanke be reappointed?
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