Fed Audit bill co-sponsor, Pete Stark (CA-13) explains why he voted "NO"Submitted by TheLorax on Thu, 08/09/2012 - 01:14
SUBMITTED FOR PUBLIC RECORD
I received the following email response from my Congressman, Pete Stark (CA-13) after expressing my *a-hem* disappointment that he voted against H.R. 459, the Federal Reserve Transparency Act, of which he was a co-sponsor.
It should be noted this is the second time Congressman Stark has done this. He's listed under Campaign for Liberty's Hall of Shame for having "cosponsored H.R. 1207 but voted against Audit the Fed on a motion to return the Dodd-Frank Financial Reform bill to committee and add back in the thorough Audit." (http://www.campaignforliberty.com/materials/HR1207-Shame-Lis...)
August 8, 2012
Dear Mr. XXXXXXXXXX:
Thank you for contacting me about your support for an audit of the Federal Reserve (The Fed).
H.R. 459, the Federal Reserve Transparency Act, would require a full audit of the Fed before the end of 2012. This bill passed the House on July 25, 2012 by a vote of 327 to 98, but stands little chance of a vote in the Senate. I voted against this bill after hearing the concerns of my colleagues on the Financial Services Committee. If signed into law, this legislation would offer such a broad investigation that it could undermine the independence of our central bank and could restrict its ability to act in a time of crisis.
I cosponsored this legislation because I agree that there should be accountability at the Federal Reserve. I supported the Dodd-Frank Wall Street Reform & Consumer Protection Act, which required a onetime audit of all loans and other financial assistance by the Fed between 2008 and 2010. This report was delivered to Congress in July, and brought some needed accountability and transparency to the Fed.
Member of Congress
I encourage everyone to contact Congressman Pete Stark and express their thoughts on this issue:
Washington DC Office
239 Cannon Building
Washington, DC 20515
ph: (202) 225-5065
fx: (202) 226-3805
39300 Civic Center Drive, Suite 220
Fremont, CA 94538
ph: (510) 494-1388
fx: (510) 494-5852