The Boston Tea Party supports reducing the size,scope and power of government at all levels and on all issues,and opposes increasing the size,scope and power of government at any level, for any purpose
Tuesday, May 24, 2011
Dont worry Mr. Rubio, i won't hold my breath!
Thank you for contacting me in regard to the Federal Reserve and the Federal Reserve Transparency Act. The economic crisis and its effects on our economy continue to be some of the biggest challenges facing our nation. As Florida's junior Senator, it is my priority to address these issues and achieve a successful transition to a fiscally sound state and nation.
In response to the financial crisis of 2008, President Obama and a Democratic led Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (H.R. 4173). The Dodd-Frank Act was signed into law on July 21, 201, and imposes ill-suited and overreaching regulations on our financial system. Under Dodd-Frank, the Federal Reserve was supposed to become a more transparent entity; but these reforms have yet to improve transparency as the majority of the Federal Reserve's operations have continued to remain private. The Federal Reserve must be accountable to Congress and the public at large.
The Federal Reserve Transparency Act of 2011 (S. 202) would require an audit of the Federal Reserve and the Federal Reserve banks before the end of 2012, conducted by the Comptroller General of the United States. The Comptroller General would then present a full report to Congress. This legislation aims to hold the Federal Reserve accountable for its decisions and force it to reveal its monetary policies; both are goals which I support.
Should legislation related to the Federal Reserve come before the Senate for consideration, I will keep your thoughts in mind. Again, I thank you for your input and look forward to hearing from you again.