September 23, 2008
OpenTheGovernment.org and more than 50 open government organizations and advocates wrote to the Senate Committee on Banking, Housing and Urban Affairs and the House Committee on Finacial Services to oppose provisions of the financial industry bail out plan that would make any decisions by the Secretary of the Treasury non-reviewable by courts or administrative agencies. Further, public contracts associated with the proposal could be created outside of existing laws normally governing such actions. See the House (pdf) and Senate (pdf) letters.

You can download the letter as a PDF or read it online below.

Any Federal Financial Industry Rescue Package Must Be Transparent

The Honorable Barney Frank The Honorable Spencer Bachus
Chairman Ranking Member
House Financial Services Committee House Financial Services Committee
2129 Rayburn House Office B-371A Rayburn House Office
   Building    Building
Washington, DC  20515 Washington, DC  20515
 
Dear Chairman Frank and Ranking Member Bachus:
 
 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, at 202 332 6736, or Pete
Sepp, National Taxpayers Union, at 703-683-5700.
 
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
 
Competitive Enterprise Institute
 
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
 
People For the American Way (PFAW)
 
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
 
Scott T. Edmondson, AICP, President,
Sustainability 2030
San Francisco, California
 
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
 
Marie J. Summers, Textile Artist
San Francisco, California
 
Paul Wertz, Journalist, retired
Eugene, OR