Diana DeGette is Not Familiar With HR 1207

One Response to Diana DeGette is Not Familiar With HR 1207

1. 

   Rod G on September 23, 2009 at 12:06 pm

   This was a response I received from Rep. Diana Degette’s office in July, proving she s familiar with HR 1207.

   –Thank you for contacting me about the Federal Reserve Transparency Act of 2009. I appreciate learning your views on this legislation.

   The Federal Reserve Transparency Act of 2009 was introduced by Congressman Ron Paul (R-TX) on February 26, 2009. An identical bill was introduced in the Senate on March 16, 2009, by Senator Bernie Sanders (I-VT). As you may know, this legislation removes all restrictions surrounding audits of the Federal Reserve and requires the Government Accountability Office (GAO) to perform an audit of the Federal Reserve before 2010. The Committee on Financial Services Subcommittee on Domestic Monetary Policy and Technology held a hearing entitled “Regulatory Restructuring: Balancing the Independence of the Federal Reserve in Monetary Policy with Systemic Risk Regulation” on July 9, 2009, and the issues raised in this bill were discussed during that time.

   This bill raises important issues that should be examined very carefully. Any power resting within the Federal Reserve should be subject to appropriate checks and balances. If the historic independence of the Federal Reserve begins to change with continued involvement of Congress, and the Federal Reserve gains additional permanent authority, such as being the primary regulator of systemic risk, then the auditing of the Federal Reserve should be equal to the task. However, it is important to recognize that the Federal Reserve is already subject to considerable auditing with most of its activities already examined by the GAO resulting in numerous reports being provided to Congress last year. Because the powers, credibility, and independence of the Federal Reserve are the subject of considerable debate, and because Congress should act clearly and decisively on this issue, it is my belief that this and other significant global financial issues should be considered at the same time Congress drafts the comprehensive financial regulator reform legislation being considered this year.

   Thank you for taking the time to share your thoughts with me about providing additional transparency at the Federal Reserve. Please feel free to visit my website at http://www.degette.house.gov. There you can sign-up for my e-mail newsletter and stay up-to-date with other events in Congress.–

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