Bipartisan coalition of 75+ groups demands bailout transparency
I await with bated breath the response from either Congress or the administration. I'm sure they'll move rapidly to comply, now they're aware that there's no transparency in the program. Surely, it's just an oversight that nobody is watching where this money goes, not part of the original plan. HA!
Under public disclosure laws, citizens can only gain access to information actually collected by the government. Therefore, public accountability necessitates that you enact changes in law to require the Department of the Treasury, the Federal Reserve, and any other government entities involved in the bailout, to begin collecting information on certain aspects of how bailout aid is spent by recipients, including:
• all lobbying/business contracts for firms benefitting from bailout aid;
•all lobbying/business contract details for firms servicing bailout transactions; and
•any securities or other instruments used as collateral for loans through the Federal Reserve.
We urge that Treasury and the Federal Reserve, and any other government entities involved in the bailout, be required to make such information available to the public in a usable format.