LittleLightShining
09-17-2009, 11:32 AM
Dear Mrs. _____:
Over the past several months, many Vermonters like you have contacted me about S. 604, the Federal Reserve Sunshine Act. In light of the overwhelming interest in this issue, I have decided to become a cosponsor of the bill.
I understand the concerns of some that disclosure of lending information could be a disincentive for banks to borrow from the Federal Reserve because it publicizes their need for an emergency loan. Still, I believe the American people deserve to know the full extent of the government's lending programs.
In addition, a Federal District Court ruled last month that the Federal Reserve must disclose documents detailing the identities of borrowers and the amounts of loans or the assets put up as collateral under 11 relief programs. I am hopeful that the Federal Reserve will comply with this court order in a timely manner.
Thank you again for contacting me about this bill. Please keep in touch.
Subscribe to Senator Patrick Leahy's periodic newsletter at the following address:
http://leahy.senate.gov/NwsLtr/indexSub.cfm
Patrick Leahy
PATRICK LEAHY
United States Senator
Subscribe to the Senator Patrick Leahy's periodic newsletter at the following address:
http://leahy.senate.gov/NwsLtr/indexSub.cfm
Over the past several months, many Vermonters like you have contacted me about S. 604, the Federal Reserve Sunshine Act. In light of the overwhelming interest in this issue, I have decided to become a cosponsor of the bill.
I understand the concerns of some that disclosure of lending information could be a disincentive for banks to borrow from the Federal Reserve because it publicizes their need for an emergency loan. Still, I believe the American people deserve to know the full extent of the government's lending programs.
In addition, a Federal District Court ruled last month that the Federal Reserve must disclose documents detailing the identities of borrowers and the amounts of loans or the assets put up as collateral under 11 relief programs. I am hopeful that the Federal Reserve will comply with this court order in a timely manner.
Thank you again for contacting me about this bill. Please keep in touch.
Subscribe to Senator Patrick Leahy's periodic newsletter at the following address:
http://leahy.senate.gov/NwsLtr/indexSub.cfm
Patrick Leahy
PATRICK LEAHY
United States Senator
Subscribe to the Senator Patrick Leahy's periodic newsletter at the following address:
http://leahy.senate.gov/NwsLtr/indexSub.cfm