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Demint Amendment to Audit Federal Reserve Blocked by Senate Democrats

An amendment brought forward by Senator Jim Demint to allow the GAO to audit the Federal Reserve was blocked by Democrats on Monday.

On procedural grounds, the Senate blocked a bid to permit the U.S. comptroller general, who heads the investigative arm of Congress known as the Government Accountability Office, to audit the Federal Reserve system and issue a report.

…The audit would have included details about the Fed’s discount window operations, funding facilities, open market operations and agreements with foreign central banks and governments, DeMint said on the Senate floor.

“The Federal Reserve will create and disburse trillions of dollars in response to our current financial crisis,” DeMint said. “Americans across the nation, regardless of their opinion on the bailout, want to know where the money has gone. “Allowing the Fed to operate our nation’s monetary system in almost complete secrecy leads to abuse, inflation and a lower quality of life,” he said.

What are the Democrats trying to hide?

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