House Democrats Vote Down Fed Audit

Update 7:30 pm:

The Republican Motion to Recommit failed by a vote of 229-198.  All Republicans voted in favor of the measure with 23 Democrats crossing the aisle to vote with Republicans.  Names at the link.

The MTR would have remanded the Wall Street bailout bill back to committee to add in the Fed audit and a derivatives fix.  The Fed audit has 360 co-sponsors.  An amendment offered last December by Rep. Barney Frank (D-Mass.) to  include the derivative requirements that were inserted in the bill in conference failed by a vote of 150 to 280.

Regardless, the Democrats voted down the popular Fed audit and the fix for the unpopular derivatives measures.

Original report:

Republicans Will Force Vote Today on Federal Reserve Audit in Finance Bill

When Democrats bring their Wall Street bailout bill to the floor for a vote today — as part of the Motion to Recommit (MTR) — Republicans will include Rep. Ron Paul’s (R-Texas) proposal to audit the Federal Reserve.

Paul’s proposal — co-sponsored by 320 members of Congress — would require a full audit of the Fed by the Government Accountability Office (GAO) and would open it up for more scrutiny.

One GOP leadership aide told HUMAN EVENTS, “One of two parts to the MTR is the Ron Paul proposal to audit the Fed that has widespread support — 320 bipartisan co-sponsors. If those members who say they support it vote for our motion, it will stop the bill in its tracks and send it back to the committee and make it difficult for them to pass it this week.”

In addition, the GOP MTR will restore an exemption from job-killing margin requirements for main street companies, the end users of derivatives.

For more information about the audit proposal, or to debate its merits, go HERE to the House Republicans’ America Speaking Out website. 

Vote update link later tonight when vote occurs!