• Embed Doc
  • Copy Link
  • Readcast
  • Collections
  • CommentGo Back
Download
 
WASH]NGTON,DC 2O5iO
-4705
August
5,2009
Katja
Delavar2149
39th
St
Washougal,
Washington
9867
I
Dear Katja,Thankyou
for
contacting
me
regarding
your
concerns
about
the
Federal Reserve.
I
appreciate
hearing
fromyou
on
this
issue.
As
youmay
know,
the Federal
ReserveSunshine
Act
of
2009
(S
604),
the
Senate
version
of
H.R.
1207,
wasintroduced
by
Senator
Bernard
Sanders on
March
16"
2009.
This
bill, if
enacted,
would
revisethemannerin
which
the
Comptroller of
the
United
States audits
the
FederalReserve
System.
The
bill
is
currently
pendinginthe
U.S.
Senate
Committee
on
Banking,
Housing,
and
Urban Affairs.
I
am assessing
closelyproposals
likethis
one and
will
work
with
my
colleagues
to
craft
legislative
proposalsthat
will
ensure
the
stability ofour financialinstitutions
and
ourfinancialmarkets.
We
are
experiencing
unprecedented
turmoilin
our
economy
and
I
believethat we
can
best
help
our
markets
by fostering
a
transparent
andopen
evaluation
of
all the
financial
players.
I
appreciate
yourthoughts
and
will
keep
them
in
mind
as
theseissuesare
consideredby the U.S.
Senate.
Congresscreated
theFederal
ReserveSystem
in
1
913
to
serve
as
the centralbank
for
the
United
States.
The
FederalReserve
formulatesthenation's monetary
policy,
supervisesand
regulatesbanks,
and
provides
a
variety
of
financial
services
to
depository
financialinstitutions
and
thefederalgovernment.
The
System
comprisesthree
major
components,
the
Board
of
Governors,
a
network
of
12
Federal
Reserve
Banks,
and
member
banks.
The
Federal Reserve
Board
is
responsible
for
determining the
United
States'monetary
policy
in
a
manner
thatfosters
a stable,sound,and
competitive economy. Indoing
so,
it
must
balanceseveral
goals
-
the
need
for
economic
output
and
efficiency,
low inflation,
and
low
unemployment.
Congress created
theFederal
Reserve
as
an
independent
agency
to
enable
the central
bank
to
carryoutits
responsibilities
protected
from
excessive
political
and
private
pressures.
At
the
same
time,
by
law
and
practice,the
FederalReserve
is
accountable
to
Congress.
The
sevenmembers
of
theboard
are
appointedby
the
President
with
the advice
andconsent
of the
Senate.
Congress
routinely
monitorstheFederal
ReserveSystem
throughformal
and
informal
oversight
activities.
Hnited
Frsteg
Fenils
PRINTED
ON
RECYCLEDPAPER
of 00

Leave a Comment

You must be to leave a comment.
Submit
Characters: ...
You must be to leave a comment.
Submit
Characters: ...