Vitter wants vote on Fed audit before Bernanke vote

Yet another Senator is placing a hold on Ben Bernanke's nomination to a second term as Fed chairman.

Sen. David Vitter (R-La.) announced tonight that he will block a vote on Bernanke's nomination until the Senate votes on a proposal to audit the Fed.

So far, Sens. Bernie Sanders (I-Vt.), Jim DeMint (R-S.C.), and Jim Bunning (R-Ky.) have placed holds on Bernanke.

"Before we even think about moving ahead with Mr. Bernanke’s nomination, we should allow the Federal Reserve Sunshine Act to be discussed and debated on the floor of the Senate,” Vitter said.  “We cannot prevent future failures by the Fed until we determine exactly how it operates."

Vitter also said he opposes the numerous bailout and rescue packages the Fed as handled under Bernanke's tenure.

“Over the past year or so, the Fed has doled out several trillion dollars to any number of troubled institutions through a series of programs that were supposed to turn our economy around,” said Vitter.  “These programs have worsened our economic crisis by making ‘too big to fail’ a permanent government policy and created further debt that will now be the burden of our children and grandchildren.  His endorsement of these unsound fiscal policies gives me great pause.”