Editorial: Sanders gives boost to bailout transparency (Burlington Free Press)
Sen. Bernie Sanders scored one for accountability and transparency in the federal financial rescue by attaching an amendment to the budget resolution that calls for the Federal Reserve to disclose which banks receive bailout money and where that money is being spent.
The months since Washington began pouring hundreds of billions of dollars into the financial system to head off a collapse have shown the money was being handed out with inadequate oversight.
In the worst cases, companies receiving bailout money have continued to give massive bonuses and lavish perks to top executives. Some banks have given their money back rather than submit to increased public scrutiny.
But public scrutiny is exactly what the bailout process needs. After all, we, the taxpayers, are in for more than $2 trillion to shore up our financial system. We have the need and the right to know who is getting the money and where it is ultimately ending up.
The bailout is a government operation, and like just about any other facet of government in our democracy, the people will benefit from a clear and responsible accounting of what goes on.
The Sanders amendment moves us toward making sure more of that happens in the financial bailout.
