Fed to Be Audited (Senate Vote: 96-0), Roubini Worried

The U.S. Senate voted today 96-0 to approve a one-time audit of the Federal Reserve. They will also have to release the names of institutions that received portions of the $2T in loans the central bank made during the peak of the financial crisis.

The measure, spearheaded by Vermont’s independent Senator Bernie Sanders is a compromise; one that's more specific and not as far reaching as the House's 'audit the Fed' bill championed by Rep. Ron Paul.

Roubini Worries

Yahoo reports that Nouriel Roubini is worried. he was quote as saying:

• “There's a delicate trade-off,”
• It’s important the Fed is held "accountable” for its bailouts and its role in monetizing the debt, but he's "wary" of the audit
• if the "Fed loses its independence that's going to be bad idea.”

The Senate provision is a one time-only event to be conducted by the Government Accountability Office.