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."
"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."