Wall Street Reform

Congressional leaders aimed this week to pass Wall Street reform legislation. The bill includes a provision by Senator Bernie Sanders to audit the Federal Reserve.  Sanders’ Senate-passed amendment would lift the shroud of secrecy at the Fed and subject the central bank’s actions during the worst economic crisis since the Great Depression to a Government Accountability Office audit. The Fed also would have to divulge by December 1 the names of financial institutions that took more than $2 trillion in zero- or low-interest loans. While calling the overall bill "a step forward," Sanders said "it doesn't go anywhere as far as it should" to break up huge financial institutions or to limit interest rates that banks may charge credit card customers. Senate leaders had hoped to hold the final vote this week in order to send the bill to President Obama's desk before the July 4 congressional recess.