2011-04-19house.gov

``In addition to Congress' spending, many Americans are finally paying attention to the spending done by unelected banking cronies at the Federal Reserve. Recently the Fed was forced to reveal some details of loans given out during the financial crisis of 2008 and they are truly shocking. Matt Taibbi points out in a recent Rolling Stone article that two very well-connected Wall Street wives got together and formed a real estate investment company that garnered $220 million in so-called "loans" (free money) from the Fed. Compare this number to the $352 million in spending cuts the CBO says are in the current budget!... The unelected, unaccountable Fed hands out as much or more money this way as our federal government spends, and yet receives hardly any attention... This is why I have reintroduced my Audit the Fed bill to this Congress. HR 1207 is now HR 459 and is essential to true fiscal reform and responsibility.''


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