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Sanders Says Bernanke Ducks Request for Details on Fed Loans

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Scott Lanman
Bloomberg
Jan 12, 2011

Vermont Senator Bernard Sanders, whose legislative provision forced the Federal Reserve to disclose last month the recipients of $3.3 trillion in financial-crisis aid, said Chairman Ben S. Bernanke ducked his request for more details about the loans.

Sanders, in an e-mailed statement today, said he hopes the Government Accountability Office will uncover details on loan collateral, conflicts of interest and loans to buy cars made by non-U.S. companies. He released Bernanke’s Jan. 5 letter responding to a Sanders missive from Dec. 6.

Bernanke, in the six-page letter, responded to Sanders’ questions without discussing individual borrowers or providing items such as e-mails and phone logs Sanders requested. Bernanke also rejected Sanders’ assertion that the Fed extended loans under one program to investors in the Cayman Islands.

Bernanke wrote his letter “without directly answering a single one of my specific questions,” Sanders, an Independent, said today in a statement. “If Chairman Bernanke won’t answer these questions, I hope that the Government Accountability Office will,” he said, referring to the investigative arm of Congress.

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This article was posted: Wednesday, January 12, 2011 at 10:10 am





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