Kap
Member
- Joined
- Oct 23, 2007
- Messages
- 237
Hello All,
This is the response I've recieved from Senator Dodd in regards to 1207. To his credit he's the only Senator or Representative from my state to respond.
Thank you for contacting me to share your concerns taken by the Federal Reserve (the Fed) to combat the current financial crisis, and the transparency of those actions. I appreciate hearing from you on important issues.
As you know, the Federal Reserve System is the central banking system of the United States. The Fed was created by Congress in 1913 with the dual mandate of promoting economic growth through both maximum employment and stable prices. It does this by setting the nation's monetary policy and acting as lender of last resort for banks. The Federal Reserve System has twelve reserve banks and a Board of Govenors, a govermental agency. The Board of Govenors is appointed by the president and confirmed by the US Senate.
Over the last year, Federal Reserve Chairmen Ben Bernanke has used the tools at the Fed's disposal to address the credit crisis in unpredcendented ways. Under the emergency powers that the Fed possesses under Section 13(3) of the Federal Reserve Act, the Fed has expanded its balance sheet from $869 billion in August of 2007, to more than $2 trillion. I believe that disclosure on the part of the Fed is warranted so that the American taxpayer can better understand the risks and costs of the actions taken on behalf of taxpayers. That is why I, along with Senator Richard Shelby (R-AL), introducted an amendment to the Senate Budge Resolution calling for substantial monthly disclourses by the Fed as to its lending programs. In July, the second monthly report, entitled Federal Reserve Credit and Liquity Programs and the Balance Sheet was published. The full report is available at: http://www.federalreserve.gov/monetary policy/files/monthlyclbsreport200907.pdf
These reports are an important step in our ongoing efforts to bring greater transparency to the Fed's efforts to stabilize the economoy. I commend Chairman Bernanke for initiating this series fo reports in response to our budge amendment requiring greater transparency, and look forard to continuing to work with him and shed even more light on the Fed's work in this area. (LOL)
You may be interested to know that the recently enacted Helping Families Save Their Homes Act of 2009 contained a provision which expanded the US Goverment Accountability Office's ability to audit the Fed's use of its emergency powers in responding to the financial crisis.
Please be assured that I will continue diligent oversight of all of the programs to which taxpaer funds have been allocated or otherwise commited, and will contineu to work with my Senate collegaues to ensure that these commitments are as transparent as possible, that those carrying them out are held accountable, and that the programs are working in the best interest of the US taxpayer.
Again, thank you for contacting me.
Sincerely,
Christopher Dodd
Two dammed pages and he didn't even say if he'd support HR 1207. I'm not surprised though, that's why I'm helping out Schiff.
This is the response I've recieved from Senator Dodd in regards to 1207. To his credit he's the only Senator or Representative from my state to respond.
Thank you for contacting me to share your concerns taken by the Federal Reserve (the Fed) to combat the current financial crisis, and the transparency of those actions. I appreciate hearing from you on important issues.
As you know, the Federal Reserve System is the central banking system of the United States. The Fed was created by Congress in 1913 with the dual mandate of promoting economic growth through both maximum employment and stable prices. It does this by setting the nation's monetary policy and acting as lender of last resort for banks. The Federal Reserve System has twelve reserve banks and a Board of Govenors, a govermental agency. The Board of Govenors is appointed by the president and confirmed by the US Senate.
Over the last year, Federal Reserve Chairmen Ben Bernanke has used the tools at the Fed's disposal to address the credit crisis in unpredcendented ways. Under the emergency powers that the Fed possesses under Section 13(3) of the Federal Reserve Act, the Fed has expanded its balance sheet from $869 billion in August of 2007, to more than $2 trillion. I believe that disclosure on the part of the Fed is warranted so that the American taxpayer can better understand the risks and costs of the actions taken on behalf of taxpayers. That is why I, along with Senator Richard Shelby (R-AL), introducted an amendment to the Senate Budge Resolution calling for substantial monthly disclourses by the Fed as to its lending programs. In July, the second monthly report, entitled Federal Reserve Credit and Liquity Programs and the Balance Sheet was published. The full report is available at: http://www.federalreserve.gov/monetary policy/files/monthlyclbsreport200907.pdf
These reports are an important step in our ongoing efforts to bring greater transparency to the Fed's efforts to stabilize the economoy. I commend Chairman Bernanke for initiating this series fo reports in response to our budge amendment requiring greater transparency, and look forard to continuing to work with him and shed even more light on the Fed's work in this area. (LOL)
You may be interested to know that the recently enacted Helping Families Save Their Homes Act of 2009 contained a provision which expanded the US Goverment Accountability Office's ability to audit the Fed's use of its emergency powers in responding to the financial crisis.
Please be assured that I will continue diligent oversight of all of the programs to which taxpaer funds have been allocated or otherwise commited, and will contineu to work with my Senate collegaues to ensure that these commitments are as transparent as possible, that those carrying them out are held accountable, and that the programs are working in the best interest of the US taxpayer.
Again, thank you for contacting me.
Sincerely,
Christopher Dodd
Two dammed pages and he didn't even say if he'd support HR 1207. I'm not surprised though, that's why I'm helping out Schiff.
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