Senator Casey on the Federal Reserve

Dear Ms. Litz:

Thank you for taking the time to contact me with your thoughts regarding the Federal Reserve System, commonly known as the Federal Reserve. I appreciate hearing from all Pennsylvanians about the issues that matter most to them.

The recent financial crisis has led to a high level of involvement on the part of the Federal Reserve in our economy. Since late 2007, the Federal Reserve, along with central banks around the globe, has lowered interest rates and pushed an unprecedented amount of money into the financial markets. In doing so, the Federal Reserve has attempted to stimulate lending activity by banks and other financial institutions in an effort to grow the economy.

Apart from the current crisis, the Federal Reserve plays a pivotal role in managing the long term health of our economy by enacting policies to promote stable inflation, maximize employment and moderate long-term interest rates. In fact, the Federal Reserve’s policy decisions affect issues ranging from housing to international trade.

Given the unprecedented steps taken by the Federal Reserve to combat the recession, I understand your concerns. Moreover, I have recently heard from many constituents about the Federal Reserve Sunshine Act of 2009, which would establish a one-time audit of the Federal Reserve by the Comptroller General, who would report the findings to Congress and present legislative recommendations as appropriate. To the extent that such an audit would increase transparency with respect to policies and decisions undertaken to stabilize the economy, I believe it could be beneficial. At the same time, however, I believe the autonomy of the Federal Reserve with respect to establishing and implementing monetary policy should not be compromised. Please be assured, as efforts to increase government transparency come before the Senate, I will weigh this balance carefully.


Dear Senator Casey,
Since the Federal Reserve of 1913, the dollar has lost 96% of its value.
The dollar is no longer backed by gold or silver.  Most of it is backed by nothing but AIR.
The Federal Reserve is privately owned, not federal at all, and answers to no one.  Not even the government.
We’re in over 11 trillion dollars of debt.  And you say the Federal Reserve is just dandy.

Shall I go on?

Because I can.

Thank you for your political integrity,
Stacy


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