The Senate voted today to require the Federal Reserve to reveal the names of the banks and other financial institutions it has lent money since a crisis hit the financial system last year.
The Fed has initiated numerous programs that it says are aimed at reinvigorating the economy and aiding the banking sector. But it has refused to disclose the direct beneficiaries of many of its programs, in part because of fears that disclosure would make financial institutions hesitate to take advantage of the programs.
Vermont Independent Senator Bernie Sanders proposed the disclosure requirement as an amendment to the budget. It is nonbinding but calls for future legislation to demand that the Fed reveal the details–recipient names, amounts and purposes–of its programs.
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