Thread: Congress Doesn't Care About the Fed's Refusal of Transparency

One of the few members of Congress that seems to care about transparency in the Fed's dealings is Rep. Boehner of Ohio. It appears that Bloomberg News has basically been told to "shut up" through the silence of much of Congress and Paulson on the matter of inquiry into the Feds distribution of money- particularly to who and how much. Is Bohner the only one who is going to demand where taxpayer money is going?

Bloomberg's statement:

Fed Chairman Ben S. Bernanke and Treasury Secretary Henry M. Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return.

House Republican leader John Boehner called for the Federal Reserve to disclose the recipients of almost $2 trillion of emergency loans from American taxpayers and the troubled assets the central bank is accepting as collateral.

Boehner, in a prepared statement, also asked the Federal Reserve to comply with a Freedom of Information Act request seeking details about the loans.

The Fed ``should comply with this Freedom of Information Act request, and in the interest of full and fair disclosure, they must begin providing lawmakers and taxpayers all information about how they are using federal tax dollars,'' Boehner said.

Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, there is little disclosure about how the programs are being implemented.

Bloomberg News requested details of the Fed lending under the U.S. Freedom of Information Act and filed a federal lawsuit Nov. 7 seeking to force disclosure.

A spokesman for the Federal Reserve didn't immediately respond to requests for comment.

`Oversight, Transparency'

Boehner said he is increasingly concerned that the government's actions to add stability to financial markets is moving into areas that were not the stated intention when Congress approved $700 billion for a Treasury-administered program to bail out the financial sector that is being weighed down by the housing crisis.

``During the bipartisan negotiations between Congress and the administration, members of both parties made clear that Congress must have meaningful oversight over the use of taxpayer dollars,'' Boehner said.

``Transparency is even more important now, given that the program appears to have been implemented in some ways that were given little to no discussion as Congress was being urged to pass the rescue plan.''
Senator John Cornyn of Texas, a member of the Republican leadership, said the lack of disclosure ``should trouble taxpayers and policymakers alike.''

``There cannot be accountability in government and in our financial institutions without transparency,'' he said. ``Many of the financial problems we are facing today are the direct result of too much secrecy and too little accountability.''

Representative Scott Garrett, a New Jersey Republican who serves on both the Financial Services and Banking committees, said ``it's impossible to get to the bottom of where we are because we don't have transparency.''

Bloomberg.com: Worldwide

They, as in congress and the federal reserve, have no intentions of disclosing all transactions, maybe some but not all for the people would then come to understand the criminality of the process. Its much like the 2 trillion the military LOST. There was a question rose but then it quickly disappeared and after today discloser will slowly disappear also. These people are not beholding to the people of this country. They are the money changers and their allegiances lie with a small but very powerful group of men dedicated to one world government and nothing will deter them short of death.

Has anyone noticed that the real players in the game have not and will not be held accountable for their theft? Has anyone in the military been held accountable for the loss of 2 trillion?

Originally Posted by anonnymous

They, as in congress and the federal reserve, have no intentions of disclosing all transactions, maybe some but not all for the people would then come to understand the criminality of the process. Its much like the 2 trillion the military LOST. There was a question rose but then it quickly disappeared and after today discloser will slowly disappear also. These people are not beholding to the people of this country. They are the money changers and their allegiances lie with a small but very powerful group of men dedicated to one world government and nothing will deter them short of death.

Has anyone noticed that the real players in the game have not and will not be held accountable for their theft? Has anyone in the military been held accountable for the loss of 2 trillion?

And the Fed is not regulated at all. It's quite peculiar that Congress wants to regulate everyting, yet let the fed do what they please.

Originally Posted by Bluegrass

And the Fed is not regulated at all. It's quite peculiar that Congress wants to regulate everyting, yet let the fed do what they please.

There is an old rule, you don't bite the hand that feeds you.

Originally Posted by Bluegrass

And the Fed is not regulated at all. It's quite peculiar that Congress wants to regulate everyting, yet let the fed do what they please.

Thats the way criminal enterprises are run. The BOSS is untouchable as long as he lives up to the code.

Originally Posted by michaelr

There is an old rule, you don't bite the hand that feeds you.

But it's ultimately the American people's money and debt. They've bitten that hand already. The Fed just loans our money for us.

Originally Posted by anonnymous

Thats the way criminal enterprises are run. The BOSS is untouchable as long as he lives up to the code.

Sure, it works alot like organized crime. Probably because it is organized crime.