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Learning to Love the Audit

Statement from the Deputy Secretary of the Treasury Neal Wolin:

We appreciate the work of Senator Sanders and Senator Dodd to work together on a strong amendment that ensures full and open transparency regarding emergency lending programs, without compromising the Federal Reserve's full independence with respect to the conduct of monetary policy.

Senator Sanders' revised amendment provides for a comprehensive GAO audit of the Federal Reserve Board's operations in response to the recent financial crisis, while preserving the existing protections of the Federal Reserve's independence with respect to monetary policy.

We are confident that the revised amendment proposed by Senator Sanders strikes the appropriate balance: providing full transparency of lending programs while protecting the bedrock principle of central bank independence on monetary policy that has served our nation so well.