U.S. senator wants Fed to name loan recipients

[kpete]

Source: Reuters



(Adds details on proposed legislation)
U.S. senator wants Fed to name loan recipients

WASHINGTON, March 3 (Reuters) - A U.S. senator berated Federal Reserve Chairman Ben Bernanke on Tuesday for refusing to name banks that borrow from the central bank and introduced legislation that would require public disclosure.

In a testy exchange at a hearing before the Senate Budget Committee, Vermont Sen. Bernie Sanders, an independent who usually votes with the Democrats, said he found it "unacceptable" that the central bank risked taxpayer money without detailing where the funds went.

"My question to you is, will you tell the American people to whom you lent $2.2 trillion of their dollars?" Sanders asked, referring to the size of the Fed's balance sheet.

Bernanke responded that the Fed explains the various lending programs on its website, and details the terms and collateral requirements.

Read more: http://uk.reuters.com/article/americasRegulatoryNes/idUKN0349765020090303?sp=true

[valerief]

1. You gotta love Bernie Sanders! nt

[mascarax]

2. Bernie's the best...as for the rest

they should ALL be asking where the hell the money went! This is absolutely asinine that trillions of dollars are gone, and there is NO accountability. Bernanke should be ashamed of himself for responding with "it's on the website" - utter nonsense.

[bluesmail]

3. HA! According to Huffington Post Countrywide, (ick) is going to

buy up all the foreclosed homes they can get their hands on. I read that it is foreigners (Saudi Arabia to name one) who will also (who owns Countrywide? Who is their parent company?) be "investing" in foreclosed properties. It's so circular my head is spinning round and round.

[Historic NY]

4. We have a right to know where our money went...

Kramer was crying that Obama wasn't doing enough to prop up the banks. Its time we have an accounting.