Momentum Mounts for Left-Right Coalition Against Fed Secrecy

May 3, 2010
By Tracy R Twyman

An unusual left-right coalition has formed against Wall Street and the White House in a fight for openness at the Federal Reserve.

Sen. Bernie Sanders (I-Vt.) today released new letters of support for an amendment that he plans to offer next week to make the Fed name banks that took trillions of dollars in secret subsidies.

The Obama administration has sided with the Fed and powerful Wall Street interests in opposition to the amendment. “When it comes to openness vs. secrecy, Wall Street vs. Main Street, taxpayers vs. the big bankers, I am sorry to say that the White House has come down on the wrong side,” Sanders said. “With growing support for this amendment from both the left and right, I hope that the administration reconsiders.”

The senator welcomed the new backing for the proposal championed by the unlikely pairing of Sanders in the Senate and Rep. Ron Paul (R-Texas) in the House of Representatives. Their legislation to audit the Fed is supported by a historically rare convergence of advocates and academics from the left, the right and the mainstream of American government and politics.

On Friday, the AFL-CIO, leaders of the service employees and steelworkers unions, and an array of renowned economists lined up behind the amendment that Sanders will offer to the financial overhaul bill the Senate is considering.

Momentum Mounts for Left-Right Coalition Against Fed Secrecy: White House Picks Wrong Side | AfterDowningStreet.org.

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