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Ask Congress to compel New York Fed to reveal who is getting all those loans
9:53p ET Monday, October 14, 2019
Dear Friend of GATA and Gold:
As financial writers Pam and Russ Martens continue to marvel at the hundreds of billions of dollars being loaned by the Federal Reserve Bank of New York to unidentified financial houses for vague purposes without prompting any inquiry from the country's elected representatives --
https://wallstreetonparade.com/2019/10/news-articles-on-the-feds-secret-...
-- GATA tonight sent the New York Fed a formal freedom-of-information inquiry, which is appended.
... Dispatch continues below ...
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GATA supporters in the United States are encouraged to write to their members of Congress to endorse GATA's request and urge their congressmen to pursue the matter with the New York Fed.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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Sent by e-mail to FOI@ny.frb.org
Monday, October 14, 2019
Shelley Pitterson
Desmond Lee
Freedom of Information Department
Federal Reserve Bank of New York
33 Liberty St.
New York, NY 10045
Dear Shelley and Desmond (if I may) and FOI Officers:
Financial columnists Pam and Russ Martens today recall the campaign of the late Bloomberg News reporter Mark Pittman to compel the Federal Reserve Bank of New York to provide details of the huge loans it made secretly to financial houses a decade ago during the last major financial crisis:
https://wallstreetonparade.com/2019/10/news-articles-on-the-feds-secret-...
The Martenses add that the New York Fed now is refusing to identify "which Wall Street firms are taking the hundreds of billions of dollars in revolving loans" that the bank lately has been making.
In light of the precedent set in 2011, when the Supreme Court let stand an order to the New York Fed to disclose details of the loans that were the subject of the Bloomberg News case, please consider this a U.S. Freedom of Information Act request for access to all records of the New York Fed's loans made this year.
If this request cannot be granted, I would appreciate an explanation why the 2011 precedent does not apply here.
Thanks for your attention.
With good wishes.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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