My Reply From Sen Bob Corker Regarding the Federal Reserve and my Reply back to him

Dear Ms. XXXXX,



Thank you for contacting my office regarding H.R. 833, the Federal Reserve Board Abolition Act. Your input is important to me, and I appreciate the time you took to share your thoughts.



Like you, I understand the importance of having strong federal monetary policy with appropriate oversight measures, particularly during these difficult economic times. H.R. 833, formerly H.R. 2755 in the 110th Congress, would repeal the Federal Reserve Act and transfer all liabilities of the Federal Reserve to the Department of Treasury. Companion language has not been introduced to the Senate, but the insight you have given here will help my staff and me more effectively look into this issue.



While I recognize your concerns with the Federal Reserve Board, I also understand that we have a highly complex financial system. Due to these complexities, I believe it is important that United States continue to have an independent Federal Reserve Banking System. Despite being created as an independent entity, you should know that the Federal Reserve is accountable to the United States Congress. Reports, audits, and hearings are required of the Federal Reserve several times per year. As a member of the Senate Banking, Housing and Urban Affairs Committee, I look forward to playing an oversight role with regard to the policies set and actions taken by the Federal Reserve, and the effects they are having on our financial system.



Thank you again for your letter. I hope you will continue to share your thoughts with me as I serve you in the United States Senate.





Sincerely,

Bob Corker
United States Senator



Dear Senator Corker,





Thank you for taking the time to reply to my inquiry.



I am especially grateful that a man of your stature and knowledge has clarified what has been a point of contention for me for quite some time. I was under the delusion that the Federal Reserve had never been audited.



As a member of the Senate Banking and Housing and Urban Affairs Committee you should defiantly know, especially since it is audited "several times per year".



Can you let me know when the last audit was and how I could access it? Thank you for all you have done for us.



Yours truly,


SpitFire