Senate Votes to Audit Federal Reserve

The U.S. Senate has voted unanimously to authorize an examination of the Federal Reserve's closely guarded emergency lending to financial institutions in the months surrounding the 2008 financial crisis.

The measure passed 96-0 as an amendment to a comprehensive financial regulation bill before the Senate.

The U.S. central bank also would have to post on its Web site information regarding those loans, including the identity of the recipients.

The one-time audit would be carried out by Congress' investigative arm, the Government Accountability Office, and cover a period beginning in December 2007. At its peak, at the end of 2008, the Fed's lending totaled $1.16 trillion.

The proposal gained momentum after its lead sponsor, Sen. Bernard Sanders, an independent, narrowed the audit's scope and the Obama administration dropped its objections.

Comments

Watch CBSN Live

Watch CBS News anytime, anywhere with the new 24/7 digital news network. Stream CBSN live or on demand for FREE on your TV, computer, tablet, or smartphone.

Watch Now

New Android App

For your Android phone and tablet, download the FREE redesigned app, featuring CBSN, live 24/7 news.

Download
The all new
CBS News App for Android® for iPad® for iPhone®
Fully redesigned. Featuring CBSN, 24/7 live news. Get the App