Just before noon on Tuesday, May 11, the U.S. Senate agreed to a one-time audit of the Federal Reserve's emergency actions taken in response to the 2008 financial crisis. The approved audit, which Senator Bernie Sanders (I-Vt.) offered in an amendment to the larger financial regulatory reform legislation, is a much watered-down version of the earlier audit proposed by Sanders that mirrored the "Audit the Fed" legislation in the House sponsored by Rep. Ron Paul (R-Texas).
The timing of the sellout by Senator Bernie Sanders (I-Vt.) last Thursday, May 6, on legislation to audit the Federal Reserve could not have been more auspicious — or more suspicious. After pledging for months that he was going to offer an amendment in the Senate identical to "Audit the Fed" legislation in the House (H.R. 1207) authored by Congressman Ron Paul (R-Texas), Sanders caved in to pressures from the Obama administration and the Federal Reserve.
Long term caution is affecting the economic decisions of millions of baby boomers. The continued growth of investment values led millions of Americans in their early 60s to indulge themselves and to retire early, confident that the values and income from their investments would provide a comfortable life for them without much care.
In addition to valiant congressional efforts for increased transparency, the Federal Reserve System and its cohorts are being targeted with criminal complaints and multiple lawsuits that attempt to shed to light on the central bank’s “bailouts” and its manipulation of the stock market, the precious-metals market, and more.