Federal Reserve

Jones: Answer FOIA on bailout

ryanteaguebeckwith — Thu, 13 Nov 2008 12:13:50 -0500

The public deserves to know the details of the Federal Reserve's emergency loans to the nation's financial institutions, says U.S. Rep. Walter Jones.

The Farmville Republican told Federal Reserve Board Chairman Ben Bernanke that he should reconsider the denial of a Freedom of Information Act request from the Bloomberg News agency asking for details on the spending of nearly $2 trillion of taxpayers' money, Barb Barrett reports.

"At a time when many Americans have serious concerns about their own financial security, it is important for our nation to have confidence in the actions of the Federal Reserve," Jones wrote in a letter to Bernanke. "When taxpayer dollars are used to bail out financial institutions, the American people deserve full disclosure on who receives those funds and under what terms. Americans need to know how their hard-earned dollars are being spent."

Jones added:

"I strongly urge you to immediately reconsider your decision to deny the Bloomberg News request. The Federal Reserve should know better than anyone that blocking transparency in financial markets will only delay America's economic recovery."

Miller gets primary opponent

ryanteaguebeckwith — Tue, 19 Feb 2008 14:21:02 -0500

U.S. Rep. Brad Miller has an opponent in the Democratic primary.

Derald Haffner of Franklinton filed today to run for the 13th Congressional District seat held by Miller since 2002.

According to his campaign Web site, Haffner wants to dismantle the Federal Reserve, repeal No Child Left Behind and the Patriot Act, end the federal income tax, encourage local food production and avoid bailing out mortgage companies. He's pro-life and against gun control.

"It's a slippery slope that gives up freedoms to answer 'needs,'" he writes. "Our founding fathers in crafting the constitution clearly understood that rights come from God. Government is instituted to secure rights."

In 2007, Hafner served on the board of the National Organization for Raw Materials, an organization that believes in a "natural economic law" and opposes Keynesian economics.

Hafner's e-mail does not work, however, and the phone number listed on his Web site is for directory assistance in Massachusetts.

Homeowner fears

bkrueger — Fri, 10 Aug 2007 14:49:25 -0400

Immigration and homeland security were hot issues on the menu today as U.S. Rep. Bob Etheridge met with constituents over lunch in Johnston County.

But Etheridge, a Lillington Democrat, also fielded questions about an issue closer to home from members of the Greater Cleveland Area Chamber of Commerce — a plunging stock market brought on by fears about homeowners who can't pay their mortgages, reports Jesse DeConto.

"Do they have a plan for it to not turn the economy totally upside down if this becomes more widespread?" asked Sandra Rhodes, who owns the Cleveland School Animal Hospital.

Rhodes said a customer recently asked for relief from her veterinary bill because she had just lost her home to foreclosure.

"Anytime somebody loses their home, all of us should be concerned," Etheridge replied.

Etheridge said the Federal Reserve has both the resources and the authority to pour money into the economy to stave off a deep recession.

"It's a big economy, and it's a strong economy, and I think we'll be okay," he said.