Thread: Rep. Boehner DEMANDS Fed Indentify Recipients Of Loans

Boehner Demands Fed Identify Recipients of Loans (Update2)

By Laura Litvan

Nov. 12 (Bloomberg) -- House Republican leader John Boehner called for the Federal Reserve to disclose the recipients of almost $2 trillion of emergency loans from American taxpayers and the troubled assets the central bank is accepting as collateral.

Boehner, in a prepared statement, also asked the Federal Reserve to comply with a Freedom of Information Act request seeking details about the loans.

The Fed ``should comply with this Freedom of Information Act request, and in the interest of full and fair disclosure, they must begin providing lawmakers and taxpayers all information about how they are using federal tax dollars,'' Boehner said.

Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, there is little disclosure about how the programs are being implemented.

Bloomberg News requested details of the Fed lending under the U.S. Freedom of Information Act and filed a federal lawsuit Nov. 7 seeking to force disclosure.

A spokesman for the Federal Reserve didn't immediately respond to requests for comment.

`Oversight, Transparency'

Boehner said he is increasingly concerned that the government's actions to add stability to financial markets is moving into areas that were not the stated intention when Congress approved $700 billion for a Treasury-administered program to bail out the financial sector that is being weighed down by the housing crisis.

``During the bipartisan negotiations between Congress and the administration, members of both parties made clear that Congress must have meaningful oversight over the use of taxpayer dollars,'' Boehner said. ``Transparency is even more important now, given that the program appears to have been implemented in some ways that were given little to no discussion as Congress was being urged to pass the rescue plan.''

Senator John Cornyn of Texas, a member of the Republican leadership, said the lack of disclosure ``should trouble taxpayers and policymakers alike.''

``There cannot be accountability in government and in our financial institutions without transparency,'' he said. ``Many of the financial problems we are facing today are the direct result of too much secrecy and too little accountability.''

Representative Scott Garrett, a New Jersey Republican who serves on both the Financial Services and Banking committees, said ``it's impossible to get to the bottom of where we are because we don't have transparency.''

To contact the reporter on this story: Laura Litvan in Washington at llitvan@bloomberg.net;

Last Updated: November 12, 2008 16:09 EST



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I would also like transperancy to see exactly how much credit was given away as well to those who never had to go through the rigors we've all had to do for credit cards.....and how many are illegals. Coz already they are raising interest and telling us banks are going back to the big fees and everything to make up for their losses. Knew we'd be paying long ago for this, but I can understand our citizens who suddenly lost their job and such....but not so illegals could live the American Dream without doing anything legally and can just walk away leaving yet another bill for us to pay.

Republicans angry at the Republican administration. The GOP is going to have a hard time repairing this rip.

Originally Posted by vortex

Republicans angry at the Republican administration. The GOP is going to have a hard time repairing this rip.

How so? There's a Democrat majority in the House and Senate, even more so now. Bush is a RINO ... so please don't insult true Republicans by including him in that.

And American Citizens pay the bills!