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DODD PRAISES FEDERAL RESERVE REPORT

June 10, 2009

WASHINGTON, D.C. – Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today released the following statement after the Federal Reserve issued the first in an ongoing series of monthly reports on its balance sheet:
 
“This report is an important step in our ongoing efforts to bring greater transparency to the Fed’s efforts to stabilize the economy.  I commend Chairman Bernanke for initiating this series of reports in response to our budget amendment requiring greater transparency, and look forward to continuing to work with him to shed even more light on the Fed’s work in this area.”  
 
The Fed’s report, entitled Federal Reserve Credit and Liquidity Programs and the Balance Sheet, comes in response to an amendment offered by Senator Dodd and Banking Committee Ranking Member Richard Shelby (R-AL) which required the Fed to make their efforts to stabilize the financial system more transparent.  
 
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