Washington (CNSNews.com) – Senate Majority Leader Harry Reid says he would have to have a “real serious conversation” with Federal Reserve Chairman Ben Bernanke before he considers bringing the Federal Reserve Transparency Act to the Senate Floor.
As CNSNews.com previously reported , Reid was once a strong supporter of auditing the Federal Reserve System - in 1995. Then being discussed was then-Senator Bryon Dorgan’s (D-N.D.) amendment that would have required the Federal Reserve to a prepare a report to Congress and disclose the financial impact of changing interest rates on the public and private sector.In 1995 Reid went into great detail about how the Federal Reserve wasn’t talked about enough, how it not only affects the federal government because of the money it borrows but also the private sector because “higher interest rates effect everybody,” and how he’s called for an audit of the Federal Reserve System and offered “that amendment every year.”
“Every year the legislation gets nowhere,” Reid said in 1995. “I think it would be interesting to know about the Federal Reserve. I think we should audit the Federal Reserve.”
Reid: I’d Have a 'Serious Conversation' with Bernanke Before Considering Fed Audit | CNS News