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America's Progressive Community

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FOR IMMEDIATE RELEASE
November 20, 2009
10:47 AM

CONTACT: US PIRG

Nicole Tichon Tax and Budget Reform Advocate
Office: 202-546-9707 X 370
ntichon@pirg.org

US PIRG Applauds Passage of Amendment to Audit the Federal Reserve

WASHINGTON - November 20 - The House Financial Services Committee voted on Thursday to pass, by a vote of 43 – 26, historic legislation that would open up the books of the Federal Reserve, an institution known for its secrecy. The Paul-Grayson amendment to the Financial Stability Improvement Act of 2009 (H.R. 3996) calls for an in-depth audit of the Federal Reserve.

Statement from Nicole Tichon, Tax and Budget Reform Advocate for U.S. PIRG:

“We applaud the House Financial Services Committee for supporting this bipartisan call for unprecedented transparency into the elusive workings of the Federal Reserve. For too long, taxpayers have been blind, reluctant investors in a system largely controlled by bankers to benefit bankers. They deserve to know where the trillions of dollars have gone.”

“As the process continues, we will work for improvements, such as publication of emergency lending beneficiaries on the Fed’s website.” 

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U.S. PIRG, the federation of state Public Interest Research Groups (PIRGs), stands up to powerful special interests on behalf of the American public, working to win concrete results for our health and our well-being. With a strong network of researchers, advocates, organizers and students in state capitols across the country, we take on the special interests on issues, such as product safety,political corruption, prescription drugs and voting rights,where these interests stand in the way of reform and progress.



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