In case you weren’t paying real close attention to the goings on in the Senate today regarding financial reform here’s what you missed.First of all, the Senate passed Bernie Sanders’ audit-the-Fed amendment. But don’t jump for joy. It’s a very weak, one-time audit that doesn’t really do anything. A true, thorough audit proposed by Sen. Vitter of Louisiana was shot down.
So, score one for Bernanke there.
Meanwhile, the Senate took votes regarding two other big government appendages: Fannie Mae (FNM) and Freddie Mac (FRE). But what did they pass? No, they’re not shutting them down or anything like that.
Instead, as Bloomberg reports, they’ve voted to authorise a Treasury Department study regarding de-funding them. A study. Woo!
An amendment proposed by John McCain that would have actually commenced a wind-down process was defeated 56-43.