Federal Reserve

Thank you for contacting my office regarding H.R. 833, the Federal Reserve Board Abolition Act. Your input is important to me, and I appreciate the time you took to share your thoughts.

Like you, I understand the importance of having strong federal monetary policy with appropriate oversight measures, particularly during these difficult economic times. H.R. 833, formerly H.R. 2755 in the 110th Congress, would repeal the Federal Reserve Act and transfer all liabilities of the Federal Reserve to the Department of Treasury. Companion language has not been introduced to the Senate, but the insight you have given here will help my staff and me more effectively look into this issue.

While I recognize your concerns with the Federal Reserve Board, I also understand that we have a highly complex financial system. Due to these complexities, I believe it is important that United States continue to have an independent Federal Reserve Banking System. Despite being created as an independent entity, you should know that the Federal Reserve is accountable to the United States Congress. Reports, audits, and hearings are required of the Federal Reserve several times per year. As a member of the Senate Banking, Housing and Urban Affairs Committee, I look forward to playing an oversight role with regard to the policies set and actions taken by the Federal Reserve, and the effects they are having on our financial system.

Thank you again for your letter. I hope you will continue to share your thoughts with me as I serve you in the United States Senate.

Sincerely, Bob Corker United States Senator