September 22, 2009
We, the undersigned organizations representing millions of Americans, encourage you to cosponsor S 604, “The Federal Reserve Sunshine Act of 2009.”
This legislation would eliminate the restrictions on the U.S. Government Accountability Office (GAO) audits of the Federal Reserve. It directs the Comptroller General to complete, before the end of 2010, an audit of the Board of Governors of the Federal Reserve System and of the Federal Reserve banks, followed by a detailed report to Congress.
Presently, current law excludes the Federal Reserve from a thorough audit or any real Congressional oversight. No government agency or quasi-government agency has such an utter lack of transparency.
Congress has more oversight and insight into the activities of the Central Intelligence Agency than the Federal Reserve.
The Federal Reserve has created and dispersed trillions of dollars in response to our current financial crisis and Americans from across the political spectrum want to know where the money has gone and how it was spent.
By opening all Federal Reserve operations including the Primary Dealer Credit Facility, Term Securities Lending Facility, and Term Asset-Backed Securities Lending Facility, as well as agreements with foreign central banks to a GAO audit and calling for such an audit to be completed by the end of 2010, S 604 would achieve much-needed transparency of the Federal Reserve.
Again, we urge you to co-sponsor this legislation and to cast your every vote in favor of a full-scale audit of the Federal Reserve.
Campaign for Liberty
Americans for Tax Reform
American Policy Center
Council for Citizens Against Government Waste
No Fear Coalition
Center for Fiscal Accountability
Association For Community Networking
John Birch Society
Chicago Digital Access Alliance
Government Accountability Project
Earth Intelligence Network
Ph Beta Iota Honor Society
U.S. Bill of Rights Foundation
Republican Liberty Caucus
Oklahoma Council of Public Affairs
American Service Council.
After Downing Street
Illinois Community Technology Coalition (ilCTC)
National Taxpayers Union
A New Way Forward
National Whistleblowers Center
Citizens for Health
Project On Government Oversight (POGO)
Former Congressman Bob Barr
Institute for Liberty
The Multiracial Activist
The Harbour League
Pain Relief Network