Friday, October 16, 2009

Grayson calls on American public to ‘Unmask the Fed’

By Kathleen Miller

Florida Democrat U.S. Rep. Alan Grayson wants Americans to help him block Congress from confirming the Chairman of the Federal Reserve to his second term unless he hands over documents relating to the bailouts of financial institutions, including the rescue of Bear Stearns.

In the "Unmask the Fed" campaign, Grayson calls on constituents to sign petitions demanding that Fed Chairman Ben Bernanke "come clean" before senators re-confirm his appointment to the helm of the Federal Reserve.

Grayson wants access to the Bear Stearns rescue paperwork as well as the details of which financial institutions received $1.2 trillion in bailout money, how much each institution received, and what was promised in return.  He's also seeking Fed documents that discuss the Bank of America/Merrill Lynch merger, transcripts of Open Market Meeting minutes, and the terms and conditions of Fed transactions not reflected in balance sheets from the past three years.

"[T]he Senate should know who got the $2 trillion the Federal Reserve has lent out over the last two years," the petition reads.  "Only then will the Senate be able to judge whether he should keep his job."

No comments: