Bernanke Wrote Thank You Letters to Audit the Fed OpponentsSubmitted by Peace Gold Love on Fri, 09/28/2012 - 06:50
Politico: If you have the Federal Reserve’s back, there’s a good chance Ben Bernanke will notice. He may even send you a thank you note.
In July, the Fed chairman sent letters of gratitude to five Democratic members of Congress after they delivered speeches on the House floor urging fellow lawmakers to reject the “Audit the Fed” bill authored by retiring Texas Republican Ron Paul, the central bank’s chief antagonist. Their efforts failed to defeat the bill, but they were not in vain, at least in Bernanke’s eyes.
“While the outcome of the vote was not in doubt, your willingness to stand up for the independence of the Federal Reserve is greatly appreciated,” Bernanke wrote in the letters, which were obtained by POLITICO through a Freedom of Information Act request.
He continued, “Independence in monetary policy operations is now the norm for central banks around the world — and it would be a grave mistake were Congress to reverse the protection it provided to the Federal Reserve more than 30 years ago.”
The letters were sent to Reps. Barney Frank, Elijah Cummings, Melvin Watt, Carolyn Maloney and Steny Hoyer.