May 10, 2010 / 6:49 PM / 9 years ago

Fed audit measure seen winning in Senate: Durbin

WASHINGTON (Reuters) - A proposal to shed more light on the U.S. Federal Reserve’s emergency lending during the 2008-2009 financial crisis was “likely to prevail,” the U.S. Senate’s No. 2 Democrat said on Monday.

Senator Richard Durbin said on the Senate floor that he expected the proposal, offered by independent Senator Bernie Sanders as an amendment to a Wall Street reform bill, would come up for a vote on Tuesday and would likely be approved.

It would allow the Government Accountability Office, the investigative arm of Congress, to conduct a one-time audit of the central bank’s emergency lending activity during the crisis, and require the Fed to make public information about who it assisted with its lending.

Reporting by Kevin Drawbaugh, Editing by Chizu Nomiyama

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