Senate to Vote on Fed Amendment
The Senate is resuming debate today on the regulatory overhaul bill and is scheduled to vote on an amendment that would increase Congress' power to audit the decisions of the Federal Reserve.
The amendment, sponsored by Sen. Bernard Sanders (I-Vt.) and Senate Majority Whip Richard Durbin (D-Ill.), authorizes an audit of the Fed's recent emergency lending and requires the Fed to disclose the names of the companies and banks that have received loans since 2007. The regulatory overhaul bill passed by the House last December contains a similar provision.
Its not certain whether the Senate will take up amendments on other issues of interest to credit unions, such as one would that place additional restrictions on interchange fees and one that would exempted all financial institutions with assets of $5 billion or less from any rules issued by the new consumer regulator.