You have to wade through a few minutes of rather dry exposition from Senator Jim DeMint before getting to the real meat of the exchange between DeMint and the presiding officer, Senator Kay Hagan. DeMint wants to offer an amendment requiring a GAO audit of the Federal Reserve to an existing bill requiring other GAO audits of other agencies, notably the National Transportation Safety Board. Democrats object under Rule 16, which restricts amendments according to germaneness, and DeMint goes to town:
Why target the amendment dealing with the Fed? After all, the Obama administration wants to expand their power over the financial industry. While I’m not a believer in the Fed-is-the-root-of-all-evil school, expanding their power should come with an expansion of transparency and oversight of the quasi-governmental entity. If it now has more official regulatory power, then its actions should be subject to audits to ensure against abuses and fraud, just as with any other regulatory body — such as some of those mentioned in this very bill.
If nothing else, it’s hilarious to see Hagan admit repeatedly that Democrats broke rules themselves that they want enforced on Republicans. It’s political hypocrisy at its finest … or lowest.