Comment: reply by email

just received from Nelson-NE
called this am and it sounds like he will vote for it

Thank you for contacting me regarding legislation to audit the Federal Reserve System, specifically the Federal Reserve Transparency Act, S. 202. I agree that transparency and accountability are important for all governmental and public agencies.

I recognize your concerns and also agree that an audit of the Federal Reserve is needed, especially in light of its recent actions and exercise of emergency authority resulting from the ongoing financial crisis. This is why I signed on as a co-sponsor of the Federal Reserve Credit Facility Review Act, S. 1457, during the 111th Congress. That bill was targeted specifically at auditing credit facilities of the Federal Reserve System established as a response to the ongoing financial crisis or as unconventional instruments of monetary policy. The legislation would have authorized reviews by the Government Accountability Office (GAO) of the United States of any credit facility established by the Board of Governors of the Federal Reserve System or any Federal Reserve bank, notwithstanding any current restrictions on GAO's access.

I also voted in favor of the Wall Street Reform and Consumer Protection Act, P.L. 111-203, which will reform the Federal Reserve System to include a limit on the central bank's 13(3) emergency lending authority by prohibiting emergency lending to an individual entity and authorizing the GAO to conduct a one-time audit of all Federal Reserve 13(3) emergency lending which took place during the financial crisis, as well as future ongoing authority to audit 13(3) emergency lending.

You can currently track Troubled Assets Relief Program (TARP) transactions here: www.financialstability.gov/latest/reportsanddocs.html, and you can find the Federal Reserve monthly reports here: http://federalreserve.gov/monetarypolicy/clbsreports.htm.

Thank you again for taking the time to contact me. I realize the importance of this issue to you and always appreciate hearing from civic-minded Nebraskans such as yourself. Please do not hesitate to contact me again on any other issue of concern to you.

Sincerely,

Ben Nelson
U.S. Senator