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California Senator Dianne Feinstein responds to a letter asking to support FED Audit legislation

A thread here on DP had a great kit to petition state representatives that they support the stronger legislation on Auditing the FED:


(yes it also is about the initiative of Senator Paul). So I did use this
link - and you should too - for Eshoo, Boxer and Feinstein in CA who represent me. So far got a full response only from Feinstein. Her response is revealing:

Response From Senator Dianne Feinstein:

"Thank you for contacting me to express support for legislation to increase transparency at the Federal Reserve. I appreciate hearing from you, and I welcome the opportunity to respond.

I agree that the trillions of dollars deployed by the Federal Reserve to stabilize the economy should be accounted for. On July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203), which includes requirements for a complete audit of the Federal Reserve's emergency lending activities during the financial crisis. Specifically, this legislation requires that the Government Accountability Office (GAO) publish a full audit of the loans and other assistance provided to financial institutions during the economic crisis. The GAO is also empowered with ongoing audit authority over any future emergency lending activities, but is not authorized to directly review key monetary policies such as the setting of interest rates. I believe this legislation takes appropriate steps to prevent the politicization of monetary policy while still promoting transparency in the use of public funds.

Senator Rand Paul (R-KY) has introduced legislation that would require an additional audit of the Federal Reserve. The "Federal Reserve Transparency Act" (S. 202) would remove all existing restrictions on GAO audits, including confidentiality restrictions. I have some concerns that a more expansive audit, including a review of monetary policy, could prevent the Federal Reserve's Board of Governors from making key decisions free of outside political influence. This legislation is currently awaiting a vote in the Senate Banking Committee, of which I am not a member. However, please know that I have made careful note of your support for increased transparency of the Federal Reserve, and I will keep your thoughts in mind should this or other relevant legislation come before me for a vote.

Once again, thank you for writing. If you have any additional questions or concerns, please do not hesitate to contact my Washington, D.C. office at (202) 224-3841. Best regards.

Sincerely yours,

Dianne Feinstein
United States Senato

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Here is the response I got from my Sen..

I asked her to co-sponsor and she never answered that part, so I wrote her again and asked for the answer to that. Well, it has been several weeks so I will see if I ever get an answer.

May 22, 2012


Thank you for taking the time to share your comments with me about the Federal Reserve. I appreciate hearing from you.

As you may know, on January 26, 2011, Senator Rand Paul (R-KY) introduced S. 202, the Federal Reserve Transparency Act of 2011, which was referred to the Senate Committee on Banking, Housing, and Urban Affairs. If enacted, S. 202 would require a full and thorough audit of the Federal Reserve.

Currently, in addition to an annual audit by private accounting firms, the Government Accountability Office (GAO) conducts a number of reviews each year focusing on the Fed's activities. The Helping Families Save Their Homes Act of 2009 (Public Law 111-22), which was signed into law on May 20, 2009, allows GAO audits of a limited subset of the Fed's emergency activities. Further, the Dodd-Frank Wall Street Reform Act (Public Law 111-203) removes restrictions on GAO audits, permits GAO audits of emergency actions, and requires disclosure of the identities of borrowers.

As a U.S. Senator, I take my oversight responsibilities very seriously, and I support auditing the Federal Reserve. The U.S. needs tough leadership to ensure that all government agencies are running as efficiently as possible and, when this is not the case, to push for change. Although I am not a member of the Senate Committee on Banking, Housing, and Urban Affairs, please be assured I will work with my colleagues to ensure the Fed remains accountable to the American people for its transactions and policies.

Again, thank you for taking the time to contact me regarding this issue. As your Senator, it is important for me to hear from those I represent regarding the current issues affecting our state and country. Please do not hesitate to contact me if I can be of any further assistance.


Kelly A. Ayotte
U. S. Senator

Weasel words

It looks to me like politician-speak for "the status quo is just fine." She talks about the audits that the Fed currently undergoes. She does not say she will support Rand Paul's bill as written. She says she will work to see that the Fed "remains" accountable. Hey Babe, IT AIN'T!

Ĵīɣȩ Ɖåđşŏń

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

All money is "political" unless...

...it is backed by gold.

Am I right? Just invented this.

Ron Paul ... forever.

All Her Letters Sound Like That

I use DownsizeDC.org to send her stuff all the time, and she always responds with a statement of the facts, I guess to prove she is up to snuff and to obscure the fact that she really believes she deserves to run our lives for us.

What do you think? http://consequeries.com/


That's my Senator, I'll call her office tomorrow in support of Rand Paul's bill to audit the Fed.

Know how we really win on this issue? Feinstein "won" the primary with less than 50% of the vote, her run-off opponent in November is Republican Elizabeth Emken ( http://www.emken2012.com/ ), if we could challenge her to give definitive support for Rand Paul's bill ("if she were in the Senate now"), then we can start to win on this issue.

Get Republicans to support it in order to challenge the Democrats to support it.

Isn't a big part of this campaign have to do with "END THE FED" ? We know all we need is a full audit to utterly shift public opinion on the issue. We've already got them to admit so much!

Jack Wagner

good points

thank you! I need to find this link to the FED. Please help.

Ron Paul ... forever.