Your Rotten Monetary Policy Is Destroying This Country

Before the United States House of Representatives Committee on Financial Services, Hearing on 'Monetary Policy and the State of the Economy,' 2/29/2012

Mr. Chairman, thank you for holding this hearing on monetary policy and the state of the economy. I believe that now, more than ever, the American people want to hold the Federal Reserve accountable for its loose monetary policy and want full transparency of the Fed's actions.

While the Fed has certainly released an unprecedented amount of information on its activities, there is still much that remains unknown. And every move towards transparency has been fought against tooth and nail by the Fed. It took disclosure requirements enacted within the Dodd-Frank Act to get the Fed to provide data on the its emergency lending facilities. It took lawsuits filed by Bloomberg and Fox News to provide data on discount window lending during the worst parts of the financial crisis. And it will take further concerted action on the part of Congress, the media, and the public to keep up pressure on the Fed to remain transparent.

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