by Damozel | He said he'd keep his commitment to prevent misuse of taxpayer money and keep them he has. Here's the press posting, explaining how Grayson -- "in fulfillment of his commitment to taxpayers" -- joined House Republicans to support legislation introduced by Ron Paul.
Congressman Grayson took the lead on this issue earlier this year with pointed questioning of Fed Vice Chair Donald Kohn. During the hearing of the Financial Services Committee, Congressman Grayson uncovered the fact that Fed officials distributed $1.2 trillion dollars since September 2008, without reporting to whom they lent the money, the amount they lent, or under what terms.
Here's the text of the letter:
Dear Chairman
Spratt, Reps. Boyd, DeLauro, Ryan, and Hensarling,
As you meet with
fellow conferees to reconcile the House- and Senate-passed budget resolutions,
we urge you to adopt the Senate provision regarding the Deficit Neutral Reserve
Fund for Increased Transparency at the Federal Reserve in the final version of
the resolution. This language calls for the Federal Reserve to identify
banks and other financial institutions that have received more than $2.2
trillion in taxpayer-backed loans and other financial assistance since March
24, 2008.
Under Chairman
Bernanke, the central banking system has opened a range of extraordinary
funding facilities that are providing additional credit to banks, large
financial institutions, and primary brokers, as well as guaranteeing commercial
paper. All of this activity is happening in secret, with the Federal
Reserve disbursing money and credit to the large financial institutions that
have put our credit markets and economy at risk. The Federal Reserve has
resisted FOIA requests, and will not make public even the terms of payment for
the contractors it is using to run these extraordinary programs.
At the very least,
Congress and the public should have knowledge about which banks are receiving
taxpayer money, what they are doing with the money, and the credit risk
taxpayers are taking on through the Federal Reserve. The Senate language
encourages such transparency, allowing for audits and public disclosure of
secret loans and financial assistance from the Federal Reserve to these large
institutions.
We urge you to
include the Senate language in the final Budget Resolution.
[signed by the following: Grayson, Paul, Walter Jones, Corrinne Brown, Michelle Bachmann, and Peter Defazio]
Here's Grayson grilling fed chair Donald Kohn, trying to find out where the money went.
RELATED BUCK NAKED POLITICS POSTINGS
See generally Alan Grayson
RECENT BUCK NAKED POLITICS POSTINGS
Ron Suskind to Maddow: Detainees Were Tortured Due to Bush Administration's Frustration Over Failure to Link Al Qaeda to Iraq in Run-Up to War
SoS Hillary Accuses Pakistani Gov't of Abdicating to Taliban; Taliban Forces Prepare to Retreat
Still More Police Brutality
Racist Set Fire to House of White Woman who Associated with People of Color
Ex-Millitary Employee Guilty of Bribery
Do We Know that Bank of America CEO was Telling the Truth?
At Last, an Explanation for Cheney & Rove: Balzheimer's Disease?
FBI Special Agent: "For Seven Years I Have Remained Silent"
"The Banal Evil of Jay Bybee": The Memo Set to Music
Comments