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Bernanke Sent Out 'Thank You for Supporting Federal Reserve Secrecy' Letters to Key Congressmen

September 29, 2012
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Source: Economic Policy Journal

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In July, the Fed chairman sent thank you notes to five Democratic members of Congress after they delivered speeches on the House floor urging fellow lawmakers to reject Ron Paul's “Audit the Fed” bill, reports Politico.

Dated July 26, the notes were written the day after the House voted 327-98 to pass Paul’s bill, which would authorize the Government Accountability Office to audit how the central bank implements monetary policy.

“While the outcome of the vote was not in doubt, your willingness to stand up for the independence of the Federal Reserve is greatly appreciated,” Bernanke wrote in the letters, which were obtained by Politico through a Freedom of Information Act request.

He continued, “Independence in monetary policy operations is now the norm for central banks around the world — and it would be a grave mistake were Congress to reverse the protection it provided to the Federal Reserve more than 30 years ago.”

The letters were sent to Reps. Barney Frank, Elijah Cummings, Melvin Watt, Carolyn Maloney and Steny Hoyer.

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