Thursday, October 15, 2009

Where's our money?

Last week, Ron Paul and I sent a letter to the Senate Banking Committee about the Chairman of the Federal Reserve, Ben Bernanke.

Before he is confirmed for a second term, we think the Senate and American public should know who got the $2 trillion the Federal Reserve has lent out over the last two years. Only then will the Senate be able to judge whether he should keep his job.

It's important that the Senate hear from you. That's why we've launched, an easy online tool to let you contact your Senators.

Visit and ask your Senators to vote NO on Ben Bernanke's confirmation until the Federal Reserve comes clean on what it has done with OUR money.

It would simply be unreasonable for the Committee to confirm Bernanke to another term given how little is known about what he has actually done. Remember, Ben Bernanke didn't see the crisis coming and has added $1.2 trillion to the Fed's balance sheet through covert bailouts.

The Senate cannot hope to have a full debate over his record if nothing is public. That's why I'm asking them to refuse to move forward until Bernanke releases the following:

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.

Information I requested in February on which institutions received the additional $1.2 trillion, 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 as all Federal Reserve documents relating to the lawsuit pursued by Merrill Lynch shareholders in the U.S. District court for the Southern District of New York.

Transcripts of all Federal Open Market Committee meeting minutes up to and including that of September 2009.

Full disclosure of all terms and conditions of all off-balance sheet Fed transactions in the past three years.

It's the Senate's responsibility under the Constitution to properly question and debate any of the President's nominees. Without these documents, I don't see any way they can live up to that responsibility. Help me make sure they do.

We deserve to know what the Fed did with OUR money. Click here to visit and tell your Senators to vote NO on Ben Bernanke's confirmation until the Fed comes clean.

Thanks for what you do,

Alan Grayson
Member of Congress

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