Email from Alan Grayson (FL-D): Tell me why you think the Federal Reserve needs to be audited.Submitted by Jim Brown on Thu, 09/24/2009 - 13:48
I have good news. There's a hearing this Friday on the Federal Reserve Transparency Act, HR 1207. During the financial crisis, the Federal Reserve expanded its balance sheet to $2 trillion, and refused to tell me or any other member of Congress which banks got that money. This was unacceptable, as we made clear through letters, petitions, and hearings that have received millions of views and thousands of supporters.
Since then, I've been going to the floor and asking my colleagues to cosponsor HR 1207, the bill to audit the Federal Reserve, because we need to find out who got those trillions. In the House, there are now 290 cosponsors of the bill, which means that this bill is going to pass in some form. And Barney Frank, the Chairman of the House Financial Services Committee, committed to a "complete audit" of the Federal Reserve.
I want to make sure your voices are heard at this Friday's hearing on HR 1207. Tell me why you think the Federal Reserve needs to be audited.
I know people are saying the financial crisis is over, but unemployment is still high, credit is still tight, and no one I know is getting a raise. No regulators have been fired, Ben Bernanke is being lauded in the press for his "brilliance" and we still do not know who has received trillions in bailout money.
This Friday at 9am ET, the House Financial Services Committee will begin to debate a bill to fix the situation. To prepare for this hearing, I want to hear from you why you think we need to audit the Federal Reserve.
Over the course of the next few weeks, I'm going to be engaging in more activities to really push transparency in our financial infrastructure. And I'm going to need your help.
Member of Congress