[Congressional Record (Bound Edition), Volume 154 (2008), Part 4]
[House]
[Page 4881]
[From the U.S. Government Publishing Office, www.gpo.gov]




                    REPORT FROM THE FEDERAL RESERVE

  (Ms. LORETTA SANCHEZ of California asked and was given permission to 
address the House for 1 minute and to revise and extend his remarks.)
  Ms. LORETTA SANCHEZ of California. Mr. Speaker, yesterday the 
Chairman of the Federal Reserve, Ben Bernanke, was before us at the 
Joint Economic Committee. Chairman Bernanke noted many negative factors 
for the current economy, increased unemployment claims, increased food 
and energy prices, and it has reduced Americans' confidence in the 
economy.
  Recently, we have all seen news reports about the Federal Reserve's 
unprecedented actions aimed at increasing liquidity, stabilizing credit 
markets, and protecting a Wall Street investment bank from bankruptcy. 
Despite these dramatic measures, liquidity remains limited, and with 
only news reports to go on, the American public seems unsure about 
whether government is acting in their best interest.
  The Federal Reserve needs to start clearly informing the American 
public about the impact of its actions. This openness would encourage 
sensible economic policy, bring stability to the markets, and help 
restore individuals' confidence in the government and in our economy.
  Millions of homeowners are struggling to make mortgage payments or 
have already lost their homes, and they do not feel like their 
government is helping them. The Federal Reserve needs to clearly 
communicate better to the American people.

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