[Emphasis mine throughout]
Dear Mr. Ben-Ariel:
Thank you for sharing your views on the Federal Reserve Transparency Act.
This bill would require an audit of the Federal Reserve by the end of 2010, followed by a mandatory report to Congress on the findings of the Audit within 90 days.
On February 26, 2009, this bill was introduced by Representative Ron Paul of Texas and referred to the House Committee on Financial Services. A companion bill, the Federal Reserve Sunshine Act, was introduced in the Senate on March 16, 2009, and was referred to the Senate Committee on Banking, Housing, and Urban Affairs.
These are difficult times and I share your frustrations and concerns about transparency and accountability. Should this legislation be brought before the Senate for a vote, I will certainly keep your views in mind [as he dismisses them to do his own thing].
Thank you for also getting in touch with me about the confirmation of Ben Bernanke to serve a second term as chairman of the Federal Reserve.
The mission of the Federal Reserve is to promote full employment and provide our economy with stable prices and a sound banking system. In speaking with Chairman Bernanke, I have expressed disappointment that the Federal Reserve has focused too much on the interests of Wall Street at the expense of working families and small businesses.
The Federal Reserve did not do enough to promote the strong supervision of financial firms and protect the public from predatory lenders and credit card fraud. The Federal Reserve must share blame – along with other regulators – for not exercising its authority to act sooner to help the middle class. As a result, citizens will bear the cost for years for the failure of the Federal Reserve to rein in excessive risk-taking on Wall Street.
While a lack of oversight contributed to the financial and economic problems that have confronted the nation, the Federal Reserve did a good job of fighting the financial fire that broke out in fall 2008 and threatened to burn down the economy [What? How out of touch can he be?]. Chairman Bernanke took bold steps to stave off a financial crisis unlike any since the Great Depression [real bold - as in chutzpah]. Our economy is still struggling and unemployment remains too high. But we would likely be in much worse shape if not for Chairman Bernanke’s leadership [leadership from hell!].
Now we need his leadership [we need his head] – along with that of the Obama Administration – in applying the same decisive measures to address the jobs crisis [What a fraud!]. Credit is still in too short supply across the country. Almost every day I hear from another small business in Ohio that is struggling to maintain jobs as its bank pulls back. We need to unfreeze the credit market so that manufacturers can expand operations and hire new workers.
Rejecting Chairman Bernanke’s confirmation could have brought a fresh perspective to the position, but it also could have set back an already tenuous economic recovery. We cannot let a political struggle over a successor overshadow the need for an economic recovery that creates jobs and puts the middle class first [what a cop-out at America's expense].
Thank you again for getting in touch with me.
United States Senator
Why did I bother? It's apparent Sherrod Brown is seriously out of touch, toeing the line, letting his constituents and America down, and deserves a pink slip!