Michele Bachmann on The Federal Reserve
Summary
Congresswoman Bachmann is a strong supporter of auditing the Federal Reserve Bank. She co-sponsored the legislation to audit the Fed and spoke out about the need for the public to know the actions of the organization and the extent of it's movement into the economy.
In February of 2009, Congresswoman Bachmann spoke out against $8 trillion in lending and guarantee programs enacted in 2008 by the Fed and the FDIC. She stated that while she understand the need for emergency response tools, she was concerned that the Fed's discount window provision is so broad and unaccountable that it has the potential to really harm the taxpayers over the long run.
In March of 2009, Congresswoman Bachmann sent a letter to Federal Reserve chairman Ben Bernanke asking for transparency in the 11 lending facilities implemented under the Fed’s existing discount window authorities. These programs did not require a vote from Congress to authorize the use of taxpayer dollars to finance them.
During a Presidential debate in September of 2011, Congresswoman Bachmann stated that no only did the Federal Reserve need to be audited, it need to be shrunk down and put on a leash.
Concerns Over Mounting Bill
In February of 2009, Congresswoman Bachmann issued a press release noting her statements to chairman Bernanke concerning the guarantee programs that the federal reserve has engaged in without Congressional oversight or consent.
Request for Transparency
In March of 2009, Congresswoman Bachmann released a statement noting a letter sent to Chairman Bernanke calling for greater transparency in the companies that received funds from the federal reserve.
Federal Reserve Rejects Audit
In September of 2009, Congresswoman Bachmann wrote an op-ed discussing the Federal Reserve's rejection of a proposal to audit the company.
Support for Auditing the Federal Reserve
In June of 2010, Congresswoman Bachmann released a press statement noting her support for auditing the federal reserve.
Kudlow Report
In June of 2009, Congresswoman Bachmann appeared on The Kudlow Report and spoke about her support for auditing the Federal Reserve.
TEA Party Debate
In September of 2011, Congresswoman Bachmann participated in the TEA Party debate and was asked about the federal reserve. She stated that she would not reappoint Ben Bernanke.
Voting Record
Federal Reserve Transparency Act
In July of 2012, the House voted to pass the Federal Reserve Transparency Act. This legislation would have enacted an audit of the private Federal Reserve Banking system. Although it passed with wide bipartisan support, it was not brought up in the Senate. Michele Bachmann voted in favor of the Federal Reserve Transparency Act.
Michele Bachmann voted in favor of the Federal Reserve Transparency Act.
Sponsored and Cosponsored Legislation
Session-111; Bill Number-H R 1207; Federal Reserve Transparency Act of 2009 - Cosponsor
Repeals the authority of the Comptroller General to carry out an onsite examination of an open insured bank or bank holding company only if the appropriate federal regulatory agency has consented in writing. (Retains the authority of the Comptroller General to audit a federal agency.) Directs the Comptroller General to complete, before the end of 2010, an audit of the Board of Governors of the Federal Reserve System and of the federal reserve banks, followed by a detailed report to Congress.