As Support for Fed Transparency Grows, New York’s Representatives Lay Low

In my latest dispatch for The Examiner, I look at the snowballing support for H.R. 1207, the Federal Reserve Transparency Act of 2009, which now has 124 co-sponsors. Missing among those co-sponsors, however, are any congressmembers from New York City or Long Island. Why might this be the case?

The biggest beneficiaries of the Federal Reserve’s unchecked power are Wall Street investment houses and commercial banks. They benefited in the early part of the decade from the artificially low interest rates set by the Fed, and they benefit today from the massive TARP bailouts, the recipients of which the Federal Reserve refuses to disclose.

Are our local members of Congress in the pockets of the big banks? A quick perusal of their donation records indicates as much.

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