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|User Info||Response from Patty Murray; entered at 2010-05-25 17:19:29|
Registered: 2009-12-05 Seattle
Thank you for writing to me about the transparency of our Federal Reserve System. It was good to hear from you.
Like you, I am concerned about the transparency of the emergency lending activities of the Federal Reserve during the recent economic recession. Taxpayers have a right to know how their taxdollars are utilized.
As you may know, two amendments calling for an audit of the Federal Reserve System were offered on the Senate floor during the consideration of S. 3217, the Restoring American Financial Stability Act, also known as Wall Street Reform. One amendment was proposed by Senator Vitter and the other was proposed by Senators Sanders and Dodd. I voted for the Sanders-Dodd amendment because it was the stronger of the two proposals in increasing oversight of the Federal Reserve, providing more transparency and more accountability into its activities, especially the new programs it created and the assistance it provided companies in response to the financial crisis.
The Sanders-Dodd amendment requires detailed reporting on the Federal Reserve's emergency assistance programs and allows every American to see which companies received assistance. It also requires reporting on the amounts companies received and the terms and conditions of the assistance. Importantly, the amendment requires this information to be posted online. The Vitter amendment did not specifically call for reporting on these transactions nor any posting of this information.
Again, thank you for contacting me. I appreciate hearing from you on this important matter. If you would like to know more about my work in the Senate, please feel free to sign up for my updates at http://murray.senate.gov/updates. Please do not hesitate to contact me in the future if I may be of assistance.
United States Senator