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NTU urges all Senators to vote “YES” on S. AMDT 3738 to the Financial Regulatory Reform Legislation
May 3, 2010
NTU urges all Senators to vote "YES" on S. AMDT 3738 to the financial regulatory reform legislation.
This amendment, introduced by Senators Sanders and DeMint, would require the Government Accountability Office to conduct an audit of the Federal Reserve. Additionally, S. AMDT 3738 would require disclosure of details on specific assistance the Fed provided to individuals and businesses during the most recent economic crisis.
Among its many other disastrous provisions, S. 3217, the "Restoring American Financial Stability Act," would confer more power upon a Federal Reserve which repeatedly either failed to detect or made worse problems in the financial sector. We believe S. AMDT 3738 would help lessen the blow to taxpayers as it implements a degree of accountability and transparency not currently found in the underlying bill.
Transparency is not a Democrat or Republican issue, but rather an issue of right or wrong. If the Senate insists on further expanding the Fed's reach, Americans deserve to know more about the workings of a government-sanctioned entity whose decisions directly affect their economic livelihood.
A "YES" vote on S. AMDT 3738 will be significantly weighted as a pro-taxpayer vote in our annual Rating of Congress.
If you have any questions, please contact NTU Federal Government Affairs Manager Jordan Forbes at (703) 683-5700