By Jordan Fabian - 06/08/10 12:44 PM ET The author of the Senate's amendment to audit the Federal Reserve expressed confidence on Tuesday that the amendment will remain in Wall Street reform legislation once the House and Senate merge their two bills.
Sen. Bernie Sanders (I-Vt.) told Vermont Public Radio that the measure has the support of people on both sides of the political spectrum.
"I think it will," he said when asked if his amendment will be in the final bill. "I am going to do everything I can to make sure it is in there."During debate over the legislation in April, the self-described democratic socialist modified the controversial measure over concerns that it would strip
the Fed of its independence in the area of monetary policy.
Both Republicans and Democrats in Congress supported the effort to open up the Fed to greater scrutiny, citing its role in the 2008 financial bailouts.
The Sanders amendment requires a "one-time" audit of the central bank concerning loans it made to large financial firms since 2007.
Rep. Ron Paul (R-Texas), the author of the more stringent House version, said that Sanders "sold out" on his amendment immediately following his decision.
But Sanders said his amendment will survive conference.
"I think the American people, whether they are conservative — a lot of cons want to see [us] audit the Fed, a lot of progressives want to see audit the Fed," he said.
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