Federal Reserve Transparency Act - Related Legislation

Related Legislation

The two titles for these two versions of the bill are not to be confused with the same two titles (used in reverse) for the two versions of a related bill. The House "Federal Reserve Sunshine Act of 2009" by Paul (H.R. 1348), and the Senate "Federal Reserve Transparency Act of 2009" by Sanders (S. 513), require the Federal Reserve to publish information on financial assistance provided to various entities during the 2008 bailout. This bill creates a website listing all banks that have borrowed from the Fed since March 24, 2008, and the amount, terms, and "specific rationale" of the loans. Sanders commented, "I have a hard time understanding how you have put $2.2 trillion at risk without making those names available." Fed chair Ben Bernanke had told Sanders that publishing the names would make the banks feel stigmatized and potentially reluctant to borrow further.

Read more about this topic:  Federal Reserve Transparency Act

Famous quotes containing the words related and/or legislation:

    The custard is setting; meanwhile
    I not only have my own history to worry about
    But am forced to fret over insufficient details related to large
    Unfinished concepts that can never bring themselves to the point
    Of being, with or without my help, if any were forthcoming.
    John Ashbery (b. 1927)

    The laboring man and the trade-unionist, if I understand him, asks only equality before the law. Class legislation and unequal privilege, though expressly in his favor, will in the end work no benefit to him or to society.
    William Howard Taft (1857–1930)