( – promoted by odum)

Well, it took long enough, but many months after Bernie Sanders introduced the Federal Reserve Sunshine Act and Peter Welch co-sponsored the House version, HR1207, Patrick Leahy has declared that he will be the 26th co-sponsor of the bill.  Alan Grayson (D-FL) also announced early this week that there will be a hearing on HR1207 (now at 290 co-sponsors) later this month.  Below is Leahy’s letter:

Dear Mr. Hirsch:

Over the past several months, many Vermonters like you have contacted me about S. 604, the Federal Reserve Sunshine Act.  In light of the overwhelming interest in this issue, I have decided to become a cosponsor of the bill.  

I understand the concerns of some that disclosure of lending information could be a disincentive for banks to borrow from the Federal Reserve because it publicizes their need for an emergency loan.  Still, I believe the American people deserve to know the full extent of the government’s lending programs.  

In addition, a Federal District Court ruled last month that the Federal Reserve must disclose documents detailing the identities of borrowers and the amounts of loans or the assets put up as collateral under 11 relief programs.  I am hopeful that the Federal Reserve will comply with this court order in a timely manner.  

Thank you again for contacting me about this bill.  Please keep in touch.