Statement Following Court Ruling on Federal Reserve Secrecy

Statement

Statement Following Court Ruling on Federal Reserve Secrecy

Sen. Bernie Sanders (I-Vt.) issued the following statement today after a federal appeals court in New York ruled that the Federal Reserve should reveal information about loans to private banks:

"Today's court decision is a major victory for the American taxpayers, and it is absolutely consistent with an amendment that I offered and Congress approved last year.

"We now have two courts, 59 senators and a large majority in Congress telling the Federal Reserve that the American people have a right to know which large financial institutions and corporations received more than $2 trillion in taxpayer loans, how much they received and what they are doing with the money.

"This money does not belong to the Federal Reserve. It belongs to the American people, and the American people have a right to know where more than $2 trillion of their money has gone."

Congress last year called on the Federal Reserve to identify banks and other financial institutions that received taxpayer-backed loans and other financial assistance. The provision in the budget resolution put Congress on record in favor of requiring the central bank to reveal the names of financial institutions that borrowed funds since the financial crisis began. Sanders sponsored the amendment on Fed transparency that was initially adopted by the Senate on April 2 by a vote of 59 to 39.

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