[big campaign] MoveOn Supports Auditing the Fed

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Statement by Justin Ruben, Executive Director of MoveOn.org Political Action: Americans from across the political spectrum agree: The Federal Reserve's "just trust us" attitude is unacceptable. That's why our 5 million members are looking to the Senate to pass Sen. Sanders' amendment to bring transparency to the Fed. Voters are looking for real accountability for those who wrecked our economy and then stuck American families with the bill. It is painfully obvious that our nation's most powerful financial institution not only got it wrong on the economy, but is now trying to protect itself--and Wall Street--from being held responsible for their actions. And below is an email that went out to our members in key states asking them to call their senators. ---------- Forwarded message ---------- From: Daniel Mintz, MoveOn.org Political Action <[email protected] > Date: Tue, May 4, 2010 at 1:52 PM Subject: Audit the Fed The Senate may hold a critical vote as soon as today to audit the Federal Reserve. We need an audit to find out which Wall Street banks got $2 trillion of taxpayer-backed loans and on what terms. Can you call Sen. Feinstein right now and tell her to support Sen. Sanders' amendment to audit the Fed? Senator Dianne Feinstein Phone: 202-224-3841 <http://pol.moveon.org/call?tg=FSCA_1&cp_id=1349&id=&t=1>Report your call<http://pol.moveon.org/call?tg=FSCA_1&cp_id=1349&id=&t=2> Dear MoveOn member, Did you know that an arm of the federal government has the power to hand out unlimited amounts of taxpayer money—without having to tell Congress or the president who they gave that money to, or why?1 It's called the Federal Reserve, and during the financial crisis, the Fed gave out more than $2 trillion in taxpayer-backed assistance to big Wall Street banks.2 You read that right. $2 trillion! And the public still has no idea who they gave it to and on what terms.3 Today, Sen. Bernie Sanders is offering a critical amendment to the financial reform bill that would bring transparency and accountability to the Federal Reserve. It will give us a public accounting of what went wrong and how our money was spent so we can learn from this disaster and make sure we don't repeat the same mistakes in the future.4 Wall Street and the Federal Reserve are fighting the amendment, but we have a real shot at winning—there is growing bipartisan support for it.5 The vote could come as soon as this afternoon, so Sen. Feinstein needs to hear from her constituents today. Can you call Sen. Feinstein right now and tell her to support the Sanders amendment to audit the Fed? Senator Dianne Feinstein Phone: 202-224-3841 Then, please report your call by clicking here: http://pol.moveon.org/call?tg=FSCA_1&cp_id=1349&id=&t=3 The Fed is supposed to monitor the economy for systemic risks and take action to prevent them. But instead, they let the housing bubble grow disastrously big and then tried to clean up the mess they made as quietly as possible—using our money. And yet, members of the Federal Reserve, like chair Ben Bernanke, think that they should be able to continue business as usual with no transparency.6 Newly released minutes from a Federal Reserve meeting in 2004 show that they had early evidence of the housing bubble, but chose to ignore it. And when asked whether they should justify that decision publicly, then-chair Alan Greenspan said: We run the risk, by laying out the pros and cons of a particular argument, of inducing people to join in on the debate, and in this regard it is possible to lose control of a process that only we fully understand.7 In the wake of the biggest financial crisis since the Great Depression, it's clear that Greenspan and the rest of the Federal Reserve got it wrong. But without a public accounting of what went wrong and who benefited from the cleanup, we won't be able to identify the mistakes that were made and learn how to avoid future financial catastrophes. Can you call Sen. Feinstein right now and ask her to support Sen. Sanders' amendment to audit the Fed? Tell Sen. Feinstein that it's time to hold Wall Street accountable. Senator Dianne Feinstein Phone: 202-224-3841 Then, please report your call by clicking here: http://pol.moveon.org/call?tg=FSCA_1&cp_id=1349&id=&t=4 Thanks for all you do. –Daniel, Jodeen, Nita, Milan, and the rest of the team Sources: 1. "Federal Reserve System," Wikipedia, May 4, 2010 http://en.wikipedia.org/wiki/Federal_Reserve_System 2. "Sen. Sanders to Push Fed Audit Amendment," The Wall Street Journal, May 4, 2010 http://www.moveon.org/r?r=88192&id=&t=5 3. "Grayson calls on voters to urge Senate support for Fed audit," The Hill, May 3, 2010 http://www.moveon.org/r?r=88193&id=&t=6 4. "Sen. Sanders to Push Fed Audit Amendment," The Wall Street Journal, May 4, 2010 http://www.moveon.org/r?r=88192&id=&t=7 5. "Sen. Sanders to Push Fed Audit Amendment," The Wall Street Journal, May 4, 2010 http://www.moveon.org/r?r=88192&id=&t=8 6. "Fed Privately Lobbying Against Audit, Documents Show," The Huffington Post, May 4, 2010 http://www.moveon.org/r?r=88194&id=&t=9 7. "Greenspan Wanted Housing-Bubble Dissent Kept Secret," The Huffington Post, May 4, 2010 http://www.moveon.org/r?r=88195&id=&t=10 Want to support our work? We're entirely funded by our 5 million members—no corporate contributions, no big checks from CEOs. And our tiny staff ensures that small contributions go a long way. Chip in here<http://political.moveon.org/donate/email.html?id=&t=11> . ------------------------------ PAID FOR BY MOVEON.ORG <http://moveon.org/> POLITICAL ACTION, http://pol.moveon.org/. Not authorized by any candidate or candidate's committee. This email was sent to Johnny Neumann on May 4, 2010. To change your email address or update your contact info, click here<http://moveon.org/subscrip/coa.html?id=>. To remove yourself from this list, click here <http://moveon.org/s?i=>. -- ********** Daniel Mintz Campaign Director MoveOn.org Political Action [email protected] 718-576-2628 ********** -- You received this message because you are subscribed to the "big campaign" group. To post to this group, send to [email protected] To unsubscribe, send email to [email protected] E-mail [email protected] with questions or concerns This is a list of individuals. It is not affiliated with any group or organization.