Statement of Nicole Tichon, Tax and Budget Reform Advocate for the U.S. Public Interest Research Group on landmark ruling against the Federal Reserve's famed secrecy.
“The American taxpayers have every right to know which banks received the trillions of dollars in aid during the financial market meltdown from the Federal Reserve. The U.S. District Court’s ruling to release the names of the companies the Fed chose to rescue is just one step toward greater disclosure and transparency in how the it deals with the ongoing bailout. The Fed should be held accountable for disclosing why and how they helped these institutions.
“Secret problems in the financial system cost families their retirement, their homes and their jobs. U.S. PIRG, in conjunction with a diverse coalition of taxpayer, citizen and government watchdog groups continues to push for legislation to increase transparency within the Fed.
“To date, Over 280 members of the House of Representatives have expressed their support for H.R. 1207, which calls for an audit of the trillions of taxpayer-backed dollars invested in big banks. In addition, research shows that 75% of Americans support auditing the Fed.
“Accountability and transparency breed better government and boost taxpayer confidence. The Fed should do the right thing and comply with this ruling.”
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U.S. PIRG, federation of state Public Interest Research Groups, is a non-profit, non-partisan public interest advocacy organization. For more information on U.S. PIRG’s campaigns to improve Financial Security, click here.
