Audit The Fed Effort Wins Support From An Unusual Coalition

Image via Wikipedia

Arthur Delaney

An unusual coalition of progressive economists, labor leaders, and bloggers has decided to fight back against a congressional amendment that would allow the Federal Reserve to continue operating in secrecy.

In a Thursday letter to the House Financial Services Committee, economists like Dean Baker and Rob Johnson, author Naomi Klein, and such labor luminaries as the AFL-CIO's Richard Trumka and the SEIU's Andy Stern, urged committee members to shoot down an amendment by Rep. Mel Watt (D-N.C.) that would essentially allow the Fed to keep the lights off while it throws money around.

Watt's amendment, which could see a House vote today, is a direct attack against a separate measure by Reps. Ron Paul (R-Texas) and Alan Grayson (D-Fla.). That measure, known as the "Audit the Fed" bill, has been gaining momentum in Congress for months.

"A vote for the Watt amendment is a vote for more secret bailouts," the letter says.

Audit The Fed Effort Wins Support From An Unusual Coalition

Related articles by Zemanta

• Richard Trumka, Andy Stern Accuse Fed of Massive Secret Bailouts and Cronyism (workinprogress.firedoglake.com)
• Ryan Grim and Naomi Klein on MSNBC, Discuss FDL Audit the Fed Letter (fdlaction.firedoglake.com)