Please tell Rep. Jan Schakowsky to support H.R. 24, the Federal Reserve Transparency Act of 2013.
Yesterday, the Federal Reserve released the minutes from the Federal Open Market Committee (FOMC). The policy recommendations from the April 30th-May 1st meeting have not changed.
Overall, unless the economy stabilizes and real growth is visible, the Federal Reserve will continue to purchase $45 billion a month of long-term Treasury bonds to drive down borrowing costs and $40 billion a month of agency mortgage backed securities (MBS) to artificially suppress mortgage borrowing rates.
Excessive monetary policy by the Federal Reserve is not new. In April of 2011, Bloomberg News sued the Federal Reserve under the Freedom of Information Act. Out of the 28,000 pages we found out that the Fed had SECRETLY loaned out money to the Bank of China and the Arab Bank Corporation owned partly by the Libyan central bank.
In July of 2011, in the first ever Federal Reserve Audit, it was discovered that the Fed loaned out $16 TRILLION at 0% interest to banks and corporations around the world in less than three years through the emergency loan program at the discount window.
EVERY AMERICAN should be outraged by this lack of transparency. Bloomberg News had to sue to get information and not until then did we actually have an audit of the Federal Reserve.
Guess what? The story gets better. Rep. Jan Schakowsky was one of those in Congress who sat idly by and did NOTHING for taxpayer accountability.
Even after the American people found out about the $16 TRILLION lent out by the Federal Reserve during the financial crisis to major domestic and foreign banks, she still decided to vote against H.R. 459, the Federal Reserve Transparency Act of 2012, which solely called for accountability and transparency.
Rep. Jan Schakowsky, you have FAILED in providing transparency and accountability to the American people.
The Federal Reserve's out of control monetary policy hurts those that matter the most: the poor who cannot feed themselves due to high food prices caused by inflation and the elderly who live on fixed incomes and cannot save for retirement.