July 21, 2011 | The Fed Audit  The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. A Sanders amendment to last year's Wall Street reform law directed the Government Accountability Office to conduct the study. Among the key findings is that the Fed unilaterally provided trillions of dollars in financial assistance to foreign banks and corporations. The non-partisan, investigative arm of Congress also determined that the Fed lacks a comprehensive system to deal with conflicts of interest, despite the serious potential for abuse. Read Bernie's summary of the audit » Read the GAO report (pdf) » | | | Please do not respond to this email, it is not a monitored address. If you would like to send Senator Sanders a comment click here. To unsubscribe to all newsletters from this sender, click here.
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