It may seem relatively small but there will be an excellent window through which to view the president’s future intentions: will he be for the people or for the financial interests? Many people have already made up their minds–for good reason. But, this will be a moment–will the Administration veto the financial reform bill if it contains the Fed transparency amendment proposed by Bernie Sanders?

   Here is what we know right now:

Central bank and administration officials have aggressively fought the proposal-one element of the broader revamp of finance rules-arguing it could politicize the central bank’s decisions about inflation and interest rates. That could undermine the Fed’s independence, a central component of its reputation among investors.

If the amendment comes up for a vote today and passes, it might be hard to strip from the broader legislation. The House’s version of the bill, which passed late last year, contains a similar provision. Passage would set up a dilemma for the White House, which would have to decide whether or not to veto a top domestic priority to duck the provision…

At its heart, the Sanders provision would remove restrictions on Congress’s ability to audit the central bank. Congress currently cannot review the Fed’s monetary-policy decisions, direct loans to commercial banks or transactions involving foreign central banks or governments. The provision would also require the central bank to disclose the low-interest loans and other financial assistance it gave financial companies during the recession.

   The White House’s response:

The White House said Wednesday: "We are working closely with Congress to encourage transparency and accountability for the Fed, but we would oppose measures that undermine the independence of monetary policy."

   This is one of the problems of the terms of debate. The "independence" of the Fed is a concoction aimed at insulating the financial elite from playing with our money and our economy without any brakes. What the Fed does IS a political decision. We cannot have an institution making decisions on whether people will have jobs–which is the effect of Fed monetary policy–without accountability, oversight and, yes, direction from the individuals who are elected to represent the people.