2 votes

A message from my Senator

Dear Mr. Nayyar:
     Thank you for writing to me regarding legislation designed to enable the Comptroller General to audit the Federal Reserve.  I agree with you that transparency and accountability for the Fed is important. Disclosure is something I’ve stood for throughout my career, and I intend to continue to support efforts to expand the kinds of information available to the public.  
     For this reason, I voted in favor of an amendment that Senator Chris Dodd (D-CT) offered to the Fiscal Year 2009 Budget Resolution, which was accepted by a vote of 96 to 2.  This amendment ordered the Federal Reserve to publish, on its website, reports that give information concerning the use of emergency economic assistance including all lending and financial assistance facilities created by the Board to address the financial crisis, the nature and amounts of the collateral that it is accepting on behalf of taxpayers assistance and the number of borrowers that are participating in each of the programs, along with specific details of the amount and type of credit extended.  I believe that this has gone a long way towards making the Federal Reserve more transparent.
     Again, thank you for contacting me on this important issue.  Please do not hesitate to contact me again if I can be of further assistance on this, or any other matter.
Charles E. Schumer
United States Senator
What does it mean? Will he vote yes or no on audit the fed?

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