Posted by BrockSouthwick on 06/22/09 12:43 PM Last updated 06/22/09 12:49 PM [Newer: Stop the Feds and their new Tax!] [Older: Mike Coffman Commits to 1207 cosponsorship]

Now is the time to keep pushing! 

The following letter was sent today to Mr. Udall and Mr. Bennet seperately to garner support for S. 604 as well as question the President's proposal for additional powers of oversight for the Fed:

June 21, 2009

Dear Mr. (Udall / Bennet),

I am writing in reference to S 604 which was introduced on March 16, 2009.  This Senate companion to H.R. 1207 would provide much needed transparency in the Federal Reserve system in regard to monetary policy, negotiations with foreign governments, among other vital information which is currently inaccessible by current law.  The House version of the proposed legislation currently has over 230 cosponsors with strong bi-partisan support.  I am seeking your current position and support for this legislation.

In addition to this much needed legislation, I would like to express my great concern regarding President Obama's proposal to give the Fed additional oversight powers in the financial system.  It can be argued that the Fed failed the U.S. economy in the very recent past by keeping interest rates artificially low during a time of reckless lending procedures.  The Fed was created under the belief that it would be the last line of defense against drastic market fluctuations by regulating interest and monetary policy.  The details can be debated, but it is clear that the Fed is an entity that contributed in at least some degree to the current economic crisis.  Because of this fact, the Fed should be as open and transparent as any government agency, and should be held accountable for its current responsibilities before additional powers are granted. 

Thank you for your time.

-Brock T. Southwick

Posted 06/22/09 7:21 PM markp23 Tucson, AZ

Great letter! I'm going to send a copy to my Senators now.