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Show Us The Money (Rep. Michele Bachmann)

Today, several of my colleagues and I sent a letter to Budget conferees asking them to include language in the final budget resolution that calls for the Federal Reserve to identify banks and other financial institutions that have received more than $2.2 trillion in taxpayer-backed loans and other financial assistance since March 24, 2008.

Simultaneously, Mark Pittman of Bloomberg reported that the Federal Reserve has lost $9.6 billion on the assets it purchased from Bear Stearns and AIG last year.

Americans deserve to know which banks are receiving taxpayer money, what they are doing with the money, and the credit risk taxpayers are taking on through the Federal Reserve’s actions.  This language encourages such transparency, allowing for audits and public disclosure of secret loans and financial assistance from the Federal Reserve to these large institutions.

It’s your money, and you deserve to know what’s happening with it.

Cross-posted from

Tags American International Group Business Company Earnings Announcement Economic history Economic history of the United States Economy of New York City Economy of the United States Federal Reserve responses to the subprime crisis Federal Reserve System Late-2000s financial crisis Michele Bachmann Person Career Person Party Quotation Subprime crisis impact timeline Subprime mortgage crisis

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