Bob Corker (R-TN) Constituent Response to S604Submitted by Teke616 on Mon, 09/14/2009 - 11:24
Thank you for contacting my office regarding S. 604, the Federal Reserve Sunshine Act. Your input is important to me, and I appreciate the time you took to share your thoughts.
I understand the importance of having a strong monetary policy with appropriate oversight measures, particularly during these difficult economic times. As you know, S. 604 would remove all existing audit restrictions and confidentiality restrictions, and require the GAO to perform an audit of the Fed. In its current form, I cannot support this legislation because I fear it will politicize the Fed's role in crafting unbiased and non-partisan monetary policy.
While I am concerned about preserving the independence of the Fed, I agree that oversight is necessary. That is why I supported legislation earlier this year that gave the Government Accountability Office (GAO) the authority to audit activities of the Federal Reserve Board with regard to the emergency actions it has taken to address the current financial crisis. You should also know that despite being created as an independent agency, the Federal Reserve is accountable to the United States Congress. Reports, audits, and hearings are required of the Federal Reserve several times per year. As a member of the Senate Banking, Housing, and Urban Affairs Committee, I look forward to reviewing the policies set and actions taken by the Fed, and the effects they are having on our financial system.
Thank you again for your letter. I hope you will continue to share your thoughts with me as I serve you in the United States Senate.
United States Senator