Wednesday, August 05, 2009

Senator Mikulski's Response To Me

One of my Senators actually responded to me about the Federal Reserve audit bill moving through Congress. She talks about how the Fed is supposed to contain inflation and promote full employment. Just these two failures alone by the Federal Reserve Board should be reason enough to audit these vipers and it would be even better to close them down outright and return to legal, Constitutional gold and silver money. So Senator Milkulski is still thinking as to whether or not she will obey her oath of office.

My other Senator Ben Cardin responded to me with a form email on a completely different topic. He's a maggot. Here is Senator Mikilski's letter:

Dear Mr. Estrada-Palma:

Thank you for getting in touch with me about the Federal Reserve. It's great to hear from you.

I appreciate hearing your views and I understand your concerns. Congress created the Fed in 1913 to serve as the central bank and set monetary policy for the United States. It has two equally critical goals: to promote full employment and contain inflation. Pursuing these goals requires the Federal Reserve be insulated against political pressures so that it can make decisions in the long term best interests of the economy. At the same time, the Fed must be accountable for its actions. This is especially true now after the Fed has taken such dramatic and unprecedented steps to head off the collapse of the financial system and the economy.

I supported amendments to the Congressional Budget Resolution (S. Con. Res. 13) and the Helping Families Save Their Homes Act (Public Law 111-22) that would have increased transparency at the Federal Reserve and required additional information about the Fed's use of monetary policy in response to the credit crisis. But these amendments ultimately did not become law.

The Government Accountability Office currently audits the Fed, but it is prohibited from examining the agency's monetary policy actions. The Federal Reserve Sunshine Act (S. 604) would provide additional authority to audit the entire Federal Reserve System by 2010 and report to Congress.

S. 604 is currently pending in the Senate Banking Committee. Knowing of your views is helpful to me, and I will keep them in mind should this legislation come before the full Senate.

Again, thanks for contacting me. Please let me know if I can be of assistance to you in the future.Sincerely, Barbara A. MikulskiUnited States Senator Please do not respond directly to this e-mail. The originating e-mail account is not monitored.If you would like to get in touch with me again, please visit my Webform at


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