View Full Version : Sen Ben Cardin replies on Audit the Fed

10-13-2009, 06:10 PM
He's co-sponcoring it!!!!!!!!!! :D

Dear Mr. tangent:

Thank you for contacting me about the "Federal Reserve Sunshine Act of 2009" (S. 604), which was referred to the Senate Committee on Banking, Housing, and Urban Affairs on March 15, 2009. I am a co-sponsor of this bill and strongly support an audit of the Federal Reserve System (Fed).

The Federal Reserve Sunshine Act directs the Government Accountability Office (GAO) to complete an audit of the Board of Governors of the Federal Reserve System and of the twelve Federal Reserve Banks before the end of 2010. It also mandates that the GAO provide a detailed report of its findings to Congress.

Fed policy has been at the center of the government's response to the financial crisis. On several recent occasions, the Fed has lowered the federal funds and discount rates. It has also provided liquidity directly to the financial system through new policy tools. In many instances during the past months, the Fed has taken action as authorized in a clause of the Federal Reserve Act meant to be used in "unusual or exigent circumstances." This clause had not previously been invoked since the Great Depression. I think it is important and appropriate for Congress to review the Fed's actions.

I am committed to taking timely and targeted steps to lessen the severity of this recession. We must continue to take bipartisan action to restore confidence in our economy and must closely examine our financial system. Conservative, moderate, and liberal economists all agree that strong action, which will put Americans back to work and restore confidence in our future, is required.

Again, thank you for contacting me regarding this important issue. If I can be of any further assistance please do not hesitate to contact me in the future.

Please visit my website at http://cardin.senate.gov to sign up for my e-newsletter.

10-13-2009, 06:44 PM
Hate to burst your bubble, but he has been since July 28.


10-13-2009, 06:47 PM
Yeah, well he finally wrote me back about it so I just found out and am happy about it.


10-13-2009, 07:25 PM

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