Senate votes to approve audit of Fed bailout records

The U.S. Senate on Tuesday voted unanimously for a one-time audit of Federal Reserve records detailing its actions during the recent financial crisis, The New York Times reported.

The amendment, which is part of the larger financial regulatory overhaul bill being debated in the Senate, would direct the Government Accountability Office to prepare a report for Congress detailing the exact terms of the approximately $2 trillion in emergency bailout loans extended to various entities. The amendment would also require the GAO to post much of the audited information on its website.

A lawsuit filed by FOX and Bloomberg News against the Federal Reserve sought access to Fed documents detailing the terms of bailout loans. The Fed has asked for a rehearing before a full panel of the U.S. Court of Appeals in New York City (2nd Cir.) after a three-judge panel of that court ruled unanimously for the media companies.