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Coalition Letter Regarding Bailout Transparency
September 23, 2008
Any Federal Financial Industry
Rescue Package Must Be Transparent
|
The Honorable Christopher J. Dodd
Chairman
Senate Committee
on Banking,
Housing and Urban Affairs
534 Dirksen Senate Office
Building
Washington, DC 20510
|
The Honorable Richard Shelby
Ranking Member
Senate Committee
on Banking,
Housing and Urban Affairs
534 Dirksen Senate Office
Building
Washington, DC 20510
|
|
The Honorable Barney Frank
Chairman
House Financial Services
Committee
2129 Rayburn House
Washington, DC 20515
|
The Honorable Spencer Bachus
Ranking Member
House Financial
Services Committee
Office B-371A Rayburn House Office
Washington, DC
20515
|
Dear Chairman Frank, Ranking Member
Bachus, Chairman Dodd and Ranking Member Shelby:
We the undersigned, as advocates for open and transparent government,
strongly oppose section 2(b)(2) and section 8 of the Legislative Proposal for
Treasury Authority to Purchase Mortgage-Related Assets. While we hold many
different views on the causes of and remedies for the current turmoil in
financial markets, we are united in the belief that the legislation confers
unacceptably broad powers upon the Treasury to conduct activities without
transparency and accountability to the public. As written, the proposal would
make any decisions by the Secretary non-reviewable by courts or administrative
agencies – a certain prescription for the very kind of opacity that has
contributed to the financial policy woes we face today. Equally troubling,
public contracts associated with the proposal could be created outside of
existing laws normally governing such actions.
Few proposals in the 110th Congress can match this one for its impact on the
American people. For the sake of democratic discourse, citizens deserve
vigorous, timely, and accessible disclosure of all details surrounding any
government decisions in response to financial market problems. Congress should
respect this vital civil right by rejecting section 2(b)(2) and section 8 of the
proposal now before you.
At a minimum, any credible solution must address one of the current crisis’
fundamental causes – corruption and other abuses of power sustained by secrecy.
Otherwise, the taxpayers could end up giving $700 billion more to repeat the
same disasters. Congress must prove it has learned this lesson. Any genuine
solution must be grounded in transparency, with all relevant records publicly
available and best practice whistleblower protection for all employees connected
with the new law. Secrecy worsened this crisis, and taxpayers will not accept a
law for secret solutions. What happens to our money is our business.
Thank you for your attention to this important matter. If you have any
questions, please contact Patrice McDermott, OpenTheGovernment.org, or Pete
Sepp, National Taxpayers Union.
Sincerely,
Access Info Europe
Allied Daily Newspapers of Washington
American Association of University Professors
American Booksellers Foundation for Free Expression
American Civil Liberties Union
American Library Association
American Policy Center
Association of Research Libraries
Californians Aware
Center for Financial Privacy and Human Rights
Citizen Outreach Project
Citizens for Responsibility and Ethics in Washington
Common Cause
Defending Dissent Foundation
Downsize DC
Essential Information
FreedomWorks
Fund for Constitutional Government
Government Accountability Project
International Association of Whistleblowers
Liberty Coalition
Minnesota Coalition on Open Government
The Multiracial Activist
National Coalition Against Censorship
National Freedom of Information Coalition
National Taxpayers Union
National Whistleblower Center
9/11 Research Project
OMB Watch
OpenTheGovernment.org
Project on Government Oversight
Public Citizen
Reporters Committee for Freedom of the Press
Scientific Integrity Program, Union of Concerned Scientists
Semmelweis Society International
Society of Professional Journalists
Special Libraries Association
Taxpayers for Common Sense
U.S. Bill of Rights Foundation
Washington Coalition for Open Government
Washington Newspaper Publishers Association
WhyCongressCantRead.com
Woodhull Freedom Foundation
Richard A. Knee, Freelance Journalist
San Francisco, CA
Ann Garrison
San Francisco, CA
Vicki Leidner, Real Estate Agent
San Francisco, CA
Daniel Macchiarini
California
Susan Nevelow Mart, UC Hastings College of the Law (affiliation
for information only)
Chad Scherr, FOI Advocate
West New York, NJ
Harrison Sheppard, Attorney
San Francisco, CA
Dr. Laurence H. Shoup
Oakland, CA
Paul Wertz, Journalist, retired
Eugene, OR