LibertyEagle
07-26-2012, 10:33 AM
Dear Friend:
Thank you for contacting me regarding the Federal Reserve System. I welcome your thoughts and comments.
Since its inception in 1913, the Federal Reserve System has served an important role in our financial system. Yet I am concerned about the extraordinary and unprecedented actions taken by the Federal Reserve to address the economic downturn. Two rounds of so-called quantitative easing have swelled the Federal Reserve's balance sheet to nearly $3 trillion. In addition, maintaining historically low interest rates for years after the peak of the crisis could increase the risk of high inflation later, a risk that could become a great threat to our nation's economy in the future.
With my support, a measure to bring greater transparency to the Federal Reserve was included in the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203). This measure required the Federal Reserve to disclose online all loans and financial assistance provided from December 1, 2007 through July 21, 2010. To access this information, visit: http://www.federalreserve.gov/newsevents/press/monetary/20101201a.htm.
In addition, two audits of the Federal Reserve have recently been completed by the Government Accountability Office (GAO). The first is a one-time audit of all emergency lending and other financial assistance provided by the Federal Reserve from December 1, 2007 to July 21, 2010. It is available at: http://www.gao.gov/products/GAO-11-696. The second is an audit of the governance of the Federal Reserve System. It is posted at: http://www.gao.gov/products/GAO-12-18.
I have supported additional measures to bring even greater transparency to the Federal Reserve, including the Federal Reserve Sunshine Act, legislation that would require a full GAO audit of the Federal Reserve. As Congress considers legislation to ensure long-term strength, stability, and confidence in our financial system, you may be certain I will keep your views in mind.
I appreciate hearing from you, and I hope that you will not hesitate to contact me on any issue that is important to you.
Sincerely,
Kay Bailey Hutchison
United States Senator
284 Russell Senate Office Building
Washington, DC 20510
202-224-5922 (tel)
202-224-0776 (fax)
http://hutchison.senate.gov
I haven't yet looked up these things that she said she supported.
Thank you for contacting me regarding the Federal Reserve System. I welcome your thoughts and comments.
Since its inception in 1913, the Federal Reserve System has served an important role in our financial system. Yet I am concerned about the extraordinary and unprecedented actions taken by the Federal Reserve to address the economic downturn. Two rounds of so-called quantitative easing have swelled the Federal Reserve's balance sheet to nearly $3 trillion. In addition, maintaining historically low interest rates for years after the peak of the crisis could increase the risk of high inflation later, a risk that could become a great threat to our nation's economy in the future.
With my support, a measure to bring greater transparency to the Federal Reserve was included in the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203). This measure required the Federal Reserve to disclose online all loans and financial assistance provided from December 1, 2007 through July 21, 2010. To access this information, visit: http://www.federalreserve.gov/newsevents/press/monetary/20101201a.htm.
In addition, two audits of the Federal Reserve have recently been completed by the Government Accountability Office (GAO). The first is a one-time audit of all emergency lending and other financial assistance provided by the Federal Reserve from December 1, 2007 to July 21, 2010. It is available at: http://www.gao.gov/products/GAO-11-696. The second is an audit of the governance of the Federal Reserve System. It is posted at: http://www.gao.gov/products/GAO-12-18.
I have supported additional measures to bring even greater transparency to the Federal Reserve, including the Federal Reserve Sunshine Act, legislation that would require a full GAO audit of the Federal Reserve. As Congress considers legislation to ensure long-term strength, stability, and confidence in our financial system, you may be certain I will keep your views in mind.
I appreciate hearing from you, and I hope that you will not hesitate to contact me on any issue that is important to you.
Sincerely,
Kay Bailey Hutchison
United States Senator
284 Russell Senate Office Building
Washington, DC 20510
202-224-5922 (tel)
202-224-0776 (fax)
http://hutchison.senate.gov
I haven't yet looked up these things that she said she supported.