Response from Senator Webb Regarding the Merkley/Corker Federal Reserve Accountability Act
Dear Mrs. Holt:
Thank you for contacting my office regarding the Federal Reserve. I appreciate your taking the time to share your concerns with me.
I believe there should be appropriate regulation of the Federal Reserve. For this reason, I am a cosponsor of the Federal Reserve Sunshine Act (S.604), which strengthens an existing provision in the law to audit the Federal Reserve. I also cosponsored an amendment to the Fiscal Year 2010 concurrent budget resolution, which required the Federal Reserve to provide the names of institutions receiving emergency economic assistance, the amount of money they receive, and how the funds are being used. The amendment was agreed to by a vote of 59 - 39 on April 2, 2009.
Since the onset of the financial crisis and the recession, I have worked to promote both economic recovery and meaningful regulatory reform. As the Congress reviews the Obama Administration's recent proposal for rebuilding financial supervision and regulation, I will work to ensure that we address the weaknesses and gaps in our current regulatory regime, but avoid undue government interference in the marketplace.
This crisis had many causes, including the failure to monitor systemic risk, a lack of regulation of complex financial instruments, compensation practices that prioritized short-term gain above all else, and other factors. I am working to restore integrity to the financial regulatory system. Throughout the U.S. Senate's debate on the financial sector, I have been an outspoken advocate for several fundamental principles, including ensuring the executive branch is not granted excessive power, incorporating wide-ranging transparency requirements, and ensuring proper Congressional oversight and the wise use of taxpayer money.
As the U.S. Senate debates matters pertaining to the financial sector, please be assured that your specific views are helpful to me and my staff. I hope you continue to share your thoughts with us in the years ahead.
I would also invite you to visit my website at www.webb.senate.gov for regular updates about my activities and positions on matters that are important to Virginia and our nation.
Thank you once again for contacting my office.
Sincerely,
Jim Webb
United States Senator
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