For Immediate Release
Nathan White (202)225-5871
Kucinich: “Congress left in the Dark -- Bring the Fed into the Sunshine of Accountability”
WASHINGTON - Congressman Dennis Kucinich (D-OH) today rallied support for H.R. 459, Federal Reserve Transparency Act of 2012 on the House Floor. Today marks a historic milestone after years of bipartisan efforts by Congressman Kucinich and Rep. Ron Paul (R-TX) to secure a thorough investigation of the Federal Reserve. The House is expected to vote on H.R. 459 later today.
The text of Congressman Kucinich’s remarks follow.
On a day Congress will decide whether to audit the Fed, the Washington Post reports that the New York Fed “did not communicate in key meetings with top regulators that British bank Barclays had admitted to Fed staffers that it was rigging LIBOR,” the index which sets interest rates world wide.
The Fed wants to be spared a full audit. They want monetary deliberations private. They then use that privacy shield to keep irregularities from regulators and from congressional view, exposing investors and consumers to massive losses.
Of course the Fed wants to continue a system where there is no transparency, no accountability where they can cover up manipulations of markets and interest rates. But should we endorse this system? When things fall apart, who do the banks come to clean up the mess? Congress!
The Fed creates trillions of dollars out of nothing and gives it to banks. Congress is in the dark. The Fed sets the stage for the subprime meltdown. Congress is in the dark. The Fed takes a dive on LIBOR. Congress is in the dark. The Fed doesn’t tell regulators what is going on. Congress is in the dark.
It is time for us to bring the Fed into the sunshine of accountability. Vote for the Audit.