Story by Chris Graham
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A vote is expected this week on the nomination of Ben Bernanke to serve another term as the chairman of the Federal Reserve. A political action organization founded by conservative Republican Congressman Ron Paul is calling on Virginia Sens. Jim Webb and Mark Warner to vote no.
“The American people are speaking up loud and clear: No Fed transparency should mean no Bernanke reconfirmation,” said Campaign for Liberty President John Tate in a statement.
“Mark Warner and Jim Webb have an opportunity to show real leadership and stand with their fellow senators. Campaign for Liberty hopes they will stand up to the Big Bank special interests and support this important push for transparency,” Tate said.
A bipartisan group of senators led by Jim DeMint, R-S.C., and Bernie Sanders, I-Vt. has placed a hold on Bernanke’s reconfirmation unless the Senate agrees to a floor vote on S. 604, a bill that would remove restrictions on auditing the Fed’s discount window operations, funding facilities, open market operations and agreements with foreign central banks and governments.
Due to the hold, Bernanke’s confirmation will require a filibuster-proof 60 votes.
S. 604 currently enjoys 31 cosponsors. H.R. 1207, the House companion bill authored by Ron Paul, has 317 cosponsors. Audit language from the Paul bill has passed the House as part of banking reform legislation.
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