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Comment: Response from Committee Member Sen. Merkley

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Response from Committee Member Sen. Merkley

Hi, all -

Just a reminder that it's about time to get back to work on
Audit the Fed - and that it's way unlikely to get off the
ground on the Senate side without at least one and preferably
more Democrats on the Banking and Urban Affairs Committee
co-sponsoring...

I'm still waiting for a response from Ron Wyden (D-OR) who
is not on the committee, but did get the following from Oregon's
junior Democratic Senator, Jeff Merkley who *is* on the committee.

Merkley's response is below - not committing, but not bad
considering - Oregonians in particular, please call and mail
his office! Plus, there must be at least some other Democratic
prsopects on the committee (Jon Tester? Kay Hagan?) let's be
ready to roll when the DNC circus is done and Congress reconvenes!

Dear xxxxxx,

Thank you for contacting me with your support for improving transparency at the Federal Reserve through more effective congressional oversight. I appreciate hearing from you on this issue.

Like you, I believe that there has been a lack of transparency at the Federal Reserve, and I have been deeply troubled by the secrecy regarding the extraordinary actions the Federal Reserve took to stabilize our financial system. For this reason, Senator Bob Corker (R-TN) and I introduced legislation requiring a full audit of all emergency lending. That bill was ultimately included in the Dodd-Frank Wall Street Reform and Consumer Protection Act. I was also pleased to co-sponsor the other provisions of the Dodd-Frank Act that increased transparency and oversight at the Federal Reserve, in particular the amendment offered by Senator Bernie Sanders (I-VT) that led to the first top-to-bottom audit of the Federal Reserve ever undertaken.

Transparency and accountability are fundamental to representative government, and I believe the provisions in the Dodd-Frank Act go a long way toward bringing the Federal Reserve into line with these principles without undermining the central bank's traditional independence in monetary policy. Of course, continuing oversight will be essential, and I am looking closely at further proposals to shed more light on the Federal Reserve's activities, including the Federal Reserve Transparency Act of 2011 (S.202).

Please know that I will keep pushing for strong reform of our central bank to ensure that it uses its resources for the benefit of Main Street, not Wall Street.

Thank you, again, for your input. I hope you will continue to send me your views and ideas.

All my best,

Jeffrey A. Merkley
United States Senator