Unmask The Fed: It's Time For America To Know Who's Minding The Store
Are Voters Finally Growing Weary Of The Free Money Bamboozle...?
- Grayson: "Don't confirm Bernanke until there is Fed disclosure."
Perhaps you heard last week that Ron Paul and Alan Grayson sent a letter (embedded at the bottom of this story) to Chris Dodd and the Senate Banking Committee demanding a postponement of the hearings to re-confirm current Federal Reserve Chairman Ben Bernanke. Notwithstanding Bernanke's triumvirate failure (below), he is currently resisting all efforts for transparency.
- He encouraged and helped create the bubble with excessively low interest rates an endorsement of risky mortgage products.
- Contrary to his charter, he failed to regulate or even understand the build-up of risk in the system brought on by securitization and massive derivative-exposure across Wall Street.
- He is attempting to fix the greatest debt bubble in history with the creation of an unprecedented level of of new debt, likely again without a sufficient understanding of risk.
Grayson, Paul and 300 co-sponsors in the House are demanding an outside audit of the Fed's balance sheet and transactions via HR 1207. The House bill will be passed. The companion bill in the Senate is S 604 is another story.
The problem with the Senate confirmation-delay strategy is obvious; they have no pull in the other chamber. But you do. And they are counting on you to help. Unmask The Fed is a brand new website created by Grayson's staff where you can show your support, and sign a quick letter that they will send to your Senator on your behalf. This is easy-peasy.
From Market Ticker we have details on their demands for transparency:
- Information that Bloomberg reporter Mark Pittman has requested via a Freedom of Information Act Request on the Bear Stearns rescue and that the Federal Reserve is contesting in the courts and which Manhattan Chief U.S. District Judge Loretta Preska has ordered by turned over by the Federal Reserve.
- Information that Rep. Grayson requested in February at a hearing and by follow-up letter on which institutions received the $1.2 trillion added to the Federal Reserve’s balance sheet, how much each institution received, and what was promised in return.
- All Federal Reserve documents that went to Attorney General Andrew Cuomo’s office relating to the Bank of America/Merrill Lynch merger in which potentially illegal and coercive activity might have occurred, as well all Federal Reserve documents relating to the lawsuit pursued by Merrill Lynch shareholders in the US District court for the Southern District of New York.
- Transcripts of all Open Market Meeting Minutes up to and including that of June, 2009, transcripts which are normally withheld from the public for five years.
- Full disclosure of all terms and conditions of all off-balance sheet Fed transactions in the past three years.
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