Sean
06-19-2009, 11:39 AM
Thank you for contacting me about the Federal Reserve Sunshine Act of 2009. I appreciate having the benefit of your comments on this matter.
The Federal Reserve Sunshine Act of 2009 (S. 604) was introduced in the Senate on March 16, 2009. This legislation would require the Comptroller General of the United States to complete an audit of the Federal Reserve before the end of 2010 and report findings to Congress. As you may know, the Federal Reserve System was created by the Federal Reserve Act of 1913 and serves as the central banking system of the United States. It is comprised of the Board of Governors—whose members are appointed by the President, the Federal Open Market Committee, and twelve regional Federal Reserve Banks. This system serves to formulate monetary policy, regulate banks, and provide financial services to the federal government and private financial institutions. S. 604 was referred to the Senate Committee on Banking, Housing, and Urban Affairs. Although I am not a member of this panel, you may be certain that I will keep your views in mind should S. 604 be considered by the full Senate during the 111th Congress.
Furthermore, I, like many Texans, am angry and frustrated that the United States is in the current financial crisis. As a strong supporter of the free market, I am opposed to unnecessary government intervention in the economy. As you know, the federal government has taken several steps to ensure that our financial system remains stable for the growth of our economy. Any actions by the federal government must be temporary and limited. Furthermore, any taxpayer money that is used to support our troubled economy must be subject to strict oversight and be repaid—in full—to the American people. Hard-working, financially responsible Texans should not have to pay for the irresponsible behavior of corporate executives who abused their positions. These executives must now be held fully accountable under the law.
Finally, America’s system of credit is the lifeblood of our economy as it affects thousands of purchases and investments made in our country each day. Without access to credit, small businesses cannot pay their employees and working families cannot receive the loans necessary to send their children to college or purchase a new home or car. It is critical for our economy that the financial crisis be prevented from spreading to families and small businesses, which would result in many Texans losing their jobs, diminished college funds for their children, and a loss of hard-earned retirement savings.
I appreciate having the opportunity to represent the interests of Texans in the United States Senate. Thank you for taking the time to contact me.
Sincerely,
JOHN CORNYN
United States Senator
517 Hart Senate Office Building
Washington, DC 20510
Tel: (202) 224-2934
Fax: (202) 228-2856
The Federal Reserve Sunshine Act of 2009 (S. 604) was introduced in the Senate on March 16, 2009. This legislation would require the Comptroller General of the United States to complete an audit of the Federal Reserve before the end of 2010 and report findings to Congress. As you may know, the Federal Reserve System was created by the Federal Reserve Act of 1913 and serves as the central banking system of the United States. It is comprised of the Board of Governors—whose members are appointed by the President, the Federal Open Market Committee, and twelve regional Federal Reserve Banks. This system serves to formulate monetary policy, regulate banks, and provide financial services to the federal government and private financial institutions. S. 604 was referred to the Senate Committee on Banking, Housing, and Urban Affairs. Although I am not a member of this panel, you may be certain that I will keep your views in mind should S. 604 be considered by the full Senate during the 111th Congress.
Furthermore, I, like many Texans, am angry and frustrated that the United States is in the current financial crisis. As a strong supporter of the free market, I am opposed to unnecessary government intervention in the economy. As you know, the federal government has taken several steps to ensure that our financial system remains stable for the growth of our economy. Any actions by the federal government must be temporary and limited. Furthermore, any taxpayer money that is used to support our troubled economy must be subject to strict oversight and be repaid—in full—to the American people. Hard-working, financially responsible Texans should not have to pay for the irresponsible behavior of corporate executives who abused their positions. These executives must now be held fully accountable under the law.
Finally, America’s system of credit is the lifeblood of our economy as it affects thousands of purchases and investments made in our country each day. Without access to credit, small businesses cannot pay their employees and working families cannot receive the loans necessary to send their children to college or purchase a new home or car. It is critical for our economy that the financial crisis be prevented from spreading to families and small businesses, which would result in many Texans losing their jobs, diminished college funds for their children, and a loss of hard-earned retirement savings.
I appreciate having the opportunity to represent the interests of Texans in the United States Senate. Thank you for taking the time to contact me.
Sincerely,
JOHN CORNYN
United States Senator
517 Hart Senate Office Building
Washington, DC 20510
Tel: (202) 224-2934
Fax: (202) 228-2856