House Republican Leader John Boehner (R-Ohio) demanded Wednesday that the Federal Reserve disclose information regarding the Troubled Asset Relief Program (TARP), which the central bank and Treasury Department are carrying out after last month’s enactment of economic relief legislation.
The statement came after Bloomberg News reported earlier this week that the Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from taxpayers and which troubled assets the central bank accepts as collateral under the $700 billion economic rescue package passed by Congress.
Bloomberg has requested these details under the Freedom of Information Act (FOIA) and filed a lawsuit last week to force disclosure.
“The Treasury Department and Federal Reserve should comply with this Freedom of Information Act request, and in the interest of full and fair disclosure, they must begin providing lawmakers and taxpayers all information about how they are using federal tax dollars,” Boehner said in a statement.
“Real transparency and accountability are critical to the success of the economic rescue plan, and taxpayers have every right to know how the federal government is allocating tax dollars as part of the program.”
Congress had made it clear to the Federal Reserve and Treasury that complete transparency in the process was a priority, Boehner said.
“Transparency is even more important now, given that the program appears to have been implemented in some ways that were given little to no discussion as Congress was being urged to pass the rescue plan,” Boehner said.
“Taxpayers should be kept fully informed regarding the use of federal dollars under the TARP program, as well as what the Treasury Department is doing to make certain that taxpayers will recover the funds used to buy troubled assets over the next several months.”
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