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Pelosi: Federal Reserve Needs More Transparency

By Ben Pershing
Speaker Nancy Pelosi (D-Calif.) said this morning that the Federal Reserve should operate with more transparency, one day after President Obama unveiled a financial regulatory overhaul that would give increased authority to the central bank.

"The fact is that the American people want to know more of the 'Secrets of the Temple,'" Pelosi said at her weekly press conference, referring to the 20-year-old book on the Fed she called "required reading in my day."

Even as Obama proposes to give the Fed more power to regulate firms and markets, an increasing number of members of Congress have expressed unease about the bank's growing reach and the murkiness of its finances. A bill authored by Rep. Ron Paul (R-Texas) calling for a full audit of the Fed's books by the U.S. Comptroller General now has a bipartisan group of 234 co-sponsors.

Pelosi said she did not know the specific details of Paul's bill, but did make clear she wanted to know more about the Fed's balance sheet, particularly since the central bank stepped in to bail out the insurance giant AIG last fall.

"Many of us were, shall we say, not surprised [but] taken aback when the Fed had $80 billion to put into AIG just out of the blue," Pelosi recalled. "All of the sudden you wake up one morning and AIG is receving $80 billion from the Fed. So of course we're saying, 'Where is this money coming from?'" And, she said, the Fed responded: "'Oh, we have it, and not only that, we have more.'"

Pelosi did not criticize any of Obama's financial overhaul proposals, nor did she provide any specifics on how oversight of the Fed should be increased. But, she said, "a balance has to be struck between what is required to run the Fed in a responsible way [and] what transparency there should be, so as the Fed assumes even more power... the American people have more knowledge about it."

By Ben Pershing  |  June 18, 2009; 12:07 PM ET
Categories:  Dem. Leaders , Purse Strings  
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Next: War Funding Vote Likely Later Today


Pelosi is a vaporous botox injected hag. The sooner she is out of office the better. The problem is the district she is from. Her opponent last year was Cindy Sheehan?

We need fiscally responsible candidates. Hopefully Pelosi, Reid, Dodds Franks will all be sent packing as soon as possible. Vote out of office anyone that voted for the bail-out bill without reading it.

Hopefully Ron Paul will run for President in 2012 and the mischief being made now can be undone.

Posted by: Bubbette1 | June 18, 2009 12:42 PM | Report abuse

A corrupted-soul of Nancy Pelosi.
She maybe from California but she DOES NOT represents Californians!

It's true, she voted against authorizing the president to go to war October 2002
But she has voted for every single war appropriation bills.

In 2004 her constituents voted overwhelmingly for a policy statement (Proposition N) in favor of the immediate withdrawal of troops from Iraq. As Speaker of the House, she could have taken a stand that reflected the sentiments of her constituency and prevented war appropriation bills from coming to a vote. That's what she has done with the Colombia Free Trade Agreement. By allowing war appropriation bills to come before the House for a vote and then voting for them, she has rendered her initial anti-war vote meaningless.

She voted FOR the first USA Patriot Act and members of the San Francisco Board of Supervisors later passed an ordinance forbidding city employees (such as librarians) from cooperating with federal law enforcement personnel carrying out the mandates of the Patriot Act.

It turns out she was one of eight representatives and senators who knew about the wireless surveillance being carried out by the telecommunications industry on behalf of the Bush administration in 2004. She has since then "rammed through" the House of Representatives the FISA amendments bill that gives the telecommunications industry (and by extension herself?) immunity from civil suits for violations of the Fourth Amendment.

There's more. But we'll cut it short. And say she's simply out of touch with Californians and it's time for Nancy Pelosi to resign!!!

Posted by: josephle2k | June 18, 2009 2:40 PM | Report abuse

Pelosi: Federal Reserve Needs More Transparency?

Give Californians a breath of fresh air by resigning your soul!

Posted by: josephle2k | June 18, 2009 2:47 PM | Report abuse

* Required viewing for Congress


The Creature from Jekyll Island - A Second Look at the Federal - 71 min

Posted by: e192108 | June 18, 2009 8:28 PM | Report abuse

look at the state of california,they keep voting people like crap and trade waxman,and piglosi back time after time. i do not feel sorry for those fools. look at dodd,ried,franks,rangel,snow,collins,and too many more loons to mention. makes me wonder how we made it this far without going totally nuts.
i truly think we should be allowed to waterboard nancy,but the animal rights activists would be all over us. we probably wouldnt get the truth out of her anyhow,she really cant remember what the truth is anymore anyhow.
google search watch a few minuates of a real news story. the best kennedy went out ,well,watch for yourself.

Posted by: silusdogood | June 20, 2009 10:24 PM | Report abuse

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