An Open Letter
to the U.S. House of Representatives
We, the undersigned organizations representing millions of Americans, encourage you to cosponsor H.R. 1207, “The Federal Reserve Transparency Act,” which would eliminate the restrictions on U.S. Government Accountability Office (GAO) audits of the Federal Reserve.
Since its inception, the Federal Reserve has operated without sufficient transparency or accountability to the American people. In fact, current law specifically excludes the Fed from a thorough audit or real congressional oversight. No government agency has such an utter lack of sunshine.
The Federal Reserve has created and dispersed trillions of dollars in response to our current financial crisis. Americans across the nation, regardless of their opinion on the bailouts, want to know where that money has gone and exactly how much has been spent.
H.R. 1207 would open up the Fed’s funding facilities, such as the Primary Dealer Credit Facility, Term Securities Lending Facility, and Term Asset-Backed Securities Lending Facility to congressional oversight.
Additionally, audits could include discount window operations, open market operations, and agreements with foreign central banks, such as the ongoing dollar swap operations with European central banks.
By opening all Fed operations to a GAO audit and calling for such an audit to be completed by the end of 2010, H.R. 1207 would achieve much-needed transparency of the Federal Reserve.
Campaign for Liberty
Center for Fiscal Accountability at Americans for Tax Reform
Project On Government Oversight (POGO)
Council for Citizens Against Government Waste (CCAGW)
The Rutherford Institute
Americans for Tax Reform (ATR)
Justice Through Music
International Association of Whistleblowers
Alliance for Patient Safety
U.S. Bill of Rights Foundation
Citizens for Responsibility and Ethics in Washington (CREW)
Citizens for Sunshine
No FEAR Coalition
Marcus Epstein, The American Cause
The Multiracial Activist
Citizens for Health
Progressive Librarians Guild
Government Accountability Project (GAP)
National Coalition of Organized Women
Whistleblower Support Fund
U.S. Public Interest Research Group
The Harbour League
Republican Liberty Caucus
Changing Hearts Foundation
The Constitution Party
Neighborhood Economic Development Advocacy Project
Westchester Residential Opportunities
American Policy Center
A New Way Forward
Defending Dissent Foundation
Pain Relief Network
Earth Intelligence Network
Institute for Transparent Government
The Woodhull Freedom Foundation
Utah Center-Right Coalition
Florida Center-Right Coalition
Pennsylvania Center-Right Coalition
Ethan Allen Institute
American Service Council
Public Interest Institute
Shane Osborn, Nebraska State Treasurer
Oklahoma Council of Public Affairs, Inc.
Green Party of the United States
National Taxpayers Union
Young Americans for Liberty
Deborah Owens, Ph.D., Board Member, Buckeye Institute
Rand Paul, Kentucky Taxpayers United