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Daily S 604 phone/email/fax bomb!!! 8/14/09

Happy Friday!

Today's Victims: Lamar Alexander R-TN and Mark Begich D-AK. Trying something a little different today. Yes, both have been contacted this week, but we need to recontact both. Mark Begich stated that he thinks it is important to have transparency in times like this, but has not cosponsored the bill. Email him and let him know why it is important he cosponsor. Also, Lamar Alexander sent me a response stating he will not cosponsor. I will post the letter in a comment below. He seems to not understand the bill, as he thinks it will allow a take over of monetary policy by Congress. Contact him back and let him know he is confused, and tell him what the bill really stands for.

Mark Begich D-AK
Washington, D.C. Office
144 Russell Senate Office Building
Washington, DC 20510
phone. (202) 224-3004
fax. (202) 224-2354

Anchorage Office
Peterson Tower, Suite 750
510 L St
Anchorage, AK, 99501
phone. (907) 271 - 5915
fax. (907) 258 - 9305

Lamar Alexander R-TN
Washington Office
455 Dirksen Senate Office Building
Washington, DC 20510
Phone: (202) 224-4944
Fax: (202) 228-3398

Nashville Office
3322 West End Avenue, #120
Nashville, TN 37203
Phone: (615) 736-5129
Fax: (615) 269-4803

Send free faxes online using http://fax.1888usa.com/

Sample flyers to fax if you don't already have your own

If sending an email from outside the state, use their district office address when filling out the form.

Bombs away!

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Response from Chris Dodd

Thank you for contacting me to share your concerns about the actions taken by the Federal Reserve (the Fed) to combat the current financial crisis, and the transparency of those actions. I appreciate hearing from you on this important issue.

As you know, the Federal Reserve System is the central banking system of the United States. The Fed was created by Congress in 1913 with the dual mandate of promoting economic growth through both maximum employment and stable prices. It does this by setting the nation's monetary policy and acting as the lender of last resort for banks. The Federal Reserve System has twelve reserve banks and a Board of Governors, a governmental agency. The Board of Governors is appointed by the president and confirmed by the United States Senate.

Over the last year, Federal Reserve Chairman Ben Bernanke has used the tools at the Fed's disposal to address the credit crisis in unprecedented ways. Under the emergency powers that the Fed possesses under Section 13(3) of the Federal Reserve Act, the Fed has expanded its balance sheet from $869 billion in August of 2007, to more than $2 trillion. I believe that disclosure on the part of the Fed is warranted so that the American people can better understand the risks and the costs of the actions taken on behalf of taxpayers. That is why I, along with the Senator Richard Shelby (R-AL), introduced an amendment to the Senate Budget Resolution calling for substantial monthly disclosures by the Fed as to its lending programs. In July, the second monthly report, entitled Federal Reserve Credit and Liquidity Programs and the Balance Sheet was published. The full report is available at: http://www.federalreserve.gov/monetarypolicy/files/monthlycl...

These reports are an important step in our ongoing efforts to bring greater transparency to the Fed's efforts to stabilize the economy. I commend Chairman Bernanke for initiating this series of reports in response to our budget amendment requiring greater transparency, and look forward to continuing to work with him to shed even more light on the Fed's work in this area.

You may be interested to know that the recently enacted Helping Families Save Their Homes Act of 2009 contained a provision which expanded the U.S. Government Accountability Office's ability to audit the Fed's use of its emergency powers in responding to the financial crisis.

Please be assured that I will continue diligent oversight of all of the programs to which taxpayer funds have been allocated or otherwise committed, and will continue to work with my Senate colleagues to ensure that these commitments are as transparent as possible, that those carrying them out are held accountable, and that the programs are working in the best interest of the U.S. taxpayer.

Again, thank you for contacting me. If you would like to stay in touch with me on this or other issues of importance, please visit my website at http://dodd.senate.gov, and subscribe to receive my regular e-mail alerts. If you would like further information on my work as Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, please visit the Committee's website at http://banking.senate.gov. Please do not hesitate to contact me again in the future if I may be of assistance to you in any way.

United States Senator



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"Fully half the quotations found on the internet are either mis-attributed, or outright fabrications." - Abraham Lincoln

Here is todays vid

I got todays video for the list up and here it is...


Sent a message to Alexander

Sent a message to Alexander educating him about the bill. I even copied and pasted the text in the message, telling him to actually read the bill since it was less than a page. haha



Lamar Alexander response

Let him know he is confused, and what the purpose of S 604 is!

Thanks very much for getting in touch with me and letting me know what's on your mind regarding the Federal Reserve System.

In 1913, Congress created the Federal Reserve System to serve as the central bank of the United States in order to provide the nation with a safer, more flexible, and more stable monetary and financial system. Over the years, its role in banking and the economy has expanded. Today, its duties include regulating banks and influencing credit conditions in pursuit of a stronger economy. You can learn more about the Federal Reserve's history and current role at http://www.federalreserve.gov/pf/pdf/pf_1.pdf.

The Federal Reserve does not run on taxpayer dollars from Congress. In fact, each year the Federal Reserve returns any profits to the U.S. Treasury - including nearly $35 billion in 2008. However, by law the Federal Reserve is accountable to Congress. For example, members of its Board of Governors are confirmed by the U.S. Senate, and Federal Reserve officials must appear before congressional committees several times each year. In addition, the Federal Reserve must issue annual reports and undergo regular audits that cover most of its activities. In a step towards greater transparency, the Federal Reserve also provides details about its activities on its website at http://www.federalreserve.gov/monetarypolicy/bst.htm.

While ensuring that the Federal Reserve System remains accountable for its actions, Congress should not try to micromanage the Federal Reserve or weigh it down with overly burdensome reporting requirements. It was set up to be independent of the political trends in Washington, and it should remain that way. That is why I haven't joined as a cosponsor of the Federal Reserve Sunshine Act.

I appreciate your taking the time to let me know where you stand. I'll be sure to keep your comments in mind when the Federal Reserve is discussed and debated in Washington and in Tennessee.