Congressional Exchange.Submitted by legolas.mcm on Thu, 07/26/2012 - 20:42
I received this response from Dianne Feinstein in my email I sent her urging her to help support S 202 now that H.R. 459 passed with flying bipartisan colors.
My response to her email is below. How'd I do?!
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.
United States Senator
Can you please explain to me why having a full audit of the FED by a nonpartisan group that would show us exactly what is going on behind closed doors is a bad idea?? The partial audit of the FED revealed 16 trillion dollars in secret bailouts to FOREIGN and domestic banks and other corporations. That was and currently is more than our national debt. If this was a partial audit and the findings are this bad, We The People, Demand a full audit. The Federal Reserve is The People's central bank. We need to know what goes on. If you've never seen the partial Audit, let me show you the list of Banks that received bailouts:
A short list:
Citigroup: $2.5 trillion ($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)
Yes, you did read that correctly. That is over 2.5 TRILLION dollars given to FOREIGN banks by the FED.
Might I suggest you also watch this video:
Yes, that is your party's leader wanting to audit the Fed several years ago. What does he say now? He isn't going to let the vote happen? So why would he flip-flop?
Honestly, to your constituent's viewpoint, it appears very fishy why things would change like this and you wouldn't want to know exactly what the FED is doing behind closed doors considering the evidence.
Again, I urge you to help do everything you can to show that you are willing to step across the Aisle and work with Republicans, Independents and Democrats alike into doing something that isn't trying to push an agenda, its trying to keep government accountable. Part of your job description as laid out in the Constitution is to control the nations finances. How are You doing that, Senator, if everything that is decided by the FED has no congressional oversight?
Thanks for your time