Read the press release here.

Read the report here.

Dear Friend of Liberty,

This week, the Federal Reserve released some of the details on its emergency lending programs.

Instead of full disclosure, however, we have just received another reminder of why we must keep fighting to thoroughly audit the Fed.

According to the Fed’s documents, in addition to trillions of dollars loaned to Wall Street firms, it also made trillions in loans to foreign central banks and even billions to companies including Harley-Davidson.

This release is just a small glimpse into what the Fed does everyday – devalue our money, create moral hazard, and put taxpayers on the hook.  And we can only speculate on how much the Fed isn’t telling us, including information on individual securities that were pledged as collateral for over $800 billion in loans.

Let’s be clear – even this little insight would never have been possible without C4L members taking action.

So just imagine what we can do if we turn up the pressure!

Congressman Paul will reintroduce his Audit the Fed bill in the 112th Congress, and C4L is ready to fight to ensure its passage.

It’s time to permanently end the Fed’s shroud of secrecy.  The American people should not have to wait years to find out what deals they’re being committed to – if they ever find out at all.

Unlike Washington’s most secretive institution, however, C4L can’t simply print money to finance its operations.  We can only take as much action as your support allows.

If you are able, please chip in $10 today to help us thoroughly Audit – and ultimately End – the Federal Reserve.

We’ve come so far in the battle for transparency, but there is still a long way to go.

Together, let’s finish this fight.

In Liberty,

John Tate

President

P.S.  We’ve got the Fed on the run, and we can’t afford to back down now.  Please chip in $10 today so C4L can continue our push to completely Audit the Fed and restore sound money.

A federal appeals court declined to reconsider its March ruling that the Federal Reserve must disclose documents regarding borrowing from its discount window and other “last resort” lending programs.

Their next move could be appealing to the Supreme Court.  Stay tuned.

Eighty percent (80%) of Americans now agree with Congress that auditing the Federal Reserve Board is a good idea, according to a new Rasmussen Reports national telephone survey.

Read the rest here.

Senators demanded Tuesday to be let in on what they called the most secretive, powerful federal agency in existence, voting overwhelmingly to audit the loans and deals the Federal Reserve made over the past three years but stopping short of demanding a full review of the Fed’s future monetary policy.

What the Sanders amendment really called for was a mere one-time disclosure of some emergency lending powers used by the Federal Reserve during the most recent fiscal crisis, not an audit.

While this disclosure is small step in the right direction, it does not go far enough in ensuring a proper check on the use of power by the Federal Reserve.

The Audit the Fed coalition will continue to advance a thorough, genuine audit of the Federal Reserve.

What Sanders is now proposing is essentially the Watt amendment the Audit the Fed Coalition opposed last year in the House.

Talking Points Memo reports that, “In order to allay some of the White House’s and the Fed’s concerns, Sanders has agreed to limit the scope of what the Government Accountability Office would be allowed to audit–but his plan will still require thorough review of all the Fed’s emergency lending, beginning December 1, 2007.”

Call Senator Sanders’ office at (202) 224-5141 and tell him how you feel about this last-minute compromise.

Click here for contact information for your senators and urge them to oppose this compromise.   Tell them it’s time to support a standalone vote on S. 604, Audit the Fed.

A vote could come even late tonight or early tomorrow.  Let your senators know where you stand right away. 

The American people deserve a full, thorough audit.

A contentious effort to expand audits of the Federal Reserve that sailed through the House despite heavy criticism appears to be picking up steam as the Senate considers broad new financial regulations.

Sen. Bernard Sanders (I-Vt.) is pushing an amendment to the financial overhaul bill before the Senate that would broaden the Government Accountability Office’s power to audit the Fed and compel the central bank to disclose details about the firms that received emergency federal aid during the financial crisis.

Read the rest here.

Now is the best time to push for a full, complete audit of the Federal Reserve.  Contact your senators and urge them to support S 604.  When the vote comes up on Chris Dodd’s S. 3217, ask them to support the Audit amendment.

The Senate has been more hostile territory for the Fed audit provision. Banking Committee Chairman Chris Dodd (D-Conn.) opposes the Grayson-Paul version, but allowed a much more restrictive audit proposal from Sen. Jeff Merkley (D-Oregon) into his bill.

The Senate bill would allow an audit of the TALF program and slightly expands authority to audit emergency lending conducted under section 13(3) of the Federal Reserve Act, but restricts it to very specific purposes.

It would not allow the GAO to look into the Fed’s massive purchase of toxic assets, its hundreds of billions in foreign currency swaps with other central banks or its open market operations, among other restrictions.

This language isn’t unfamiliar.  Representative Mel Watt tried to introduce a similar “audit” provision to the House financial reform bill.  Thanks to your calls, emails, and faxes, the Paul-Grayson amendment was substituted for Watt’s before eventually passing the House.

Contact your Senators and demand that we must have complete transparency!  A standalone vote on S. 604 is long overdue in the Senate.  Let them know the American people will not stand for more secrecy when it comes to their money and this country’s financial institutions.

The Clearing House Association LLC, a group that includes Bank of America Corp. and JPMorgan Chase & Co., joined the Fed in defense of a lawsuit brought by Bloomberg LP, the parent company of Bloomberg News, seeking release of records related to four Fed lending programs.

The U.S. Court of Appeals in Manhattan ruled March 19 that the central bank must release the documents. A three-judge panel of the appellate court rejected the Fed’s argument that disclosure would stigmatize borrowers and discourage banks from seeking emergency help.

Read the rest here.

Coalition members are still pressing for transparency.  Pressure is being applied to key Senators to pass S 604.  Take part in these efforts here.