Wait two years for disclosure of repo cash recipients and amounts, New York Fed tells GATA

Section:

2:29p ET Wednesday, November 13, 2019

Dear Friend of GATA and Gold:

If you want to know which investment houses have been getting the infamous "repo" loans from the Federal Reserve Bank of New York in recent weeks, as GATA has wanted to know, you'll have to wait two years, according to a letter received from the bank today in response GATA's request for the information.

The delay, the New York Fed's letter says, is authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

... Dispatch continues below ...



ADVERTISEMENT

Storage and Withdrawal of Gold with Bullion Star in Singapore

Bullion Star is a Singapore-registered company with a one-stop bullion shop, showroom, and vault at 45 New Bridge Road in Singapore.

Bullion Star's solution for storing bullion in Singapore is called My Vault Storage. With My Vault Storage you can store bullion in Bullion Star's bullion vault, which is integrated with Bullion Star's shop and showroom, making it a convenient one-stop shop for precious metals in Singapore.

Customers can buy, store, sell, or request physical withdrawal of their bullion through My Vault Storage® online around the clock. Storage rates are competitive.

For more information, please visit Bullion Star here:

https://www.bullionstar.com/



Perhaps more interestingly, the New York Fed's letter, signed by Corporate Secretary Shawn Elizabeth Phillips, contends that the bank is exempt from the federal Freedom of Information Act but tries to comply with its spirit.

Such a claim of exemption was not made by the Federal Reserve's Board of Governors during GATA's FOI lawsuit against it in 2011, in which GATA sought access to the board's gold-related documents. GATA technically won the case when U.S. District Judge Ellen Segal Huvelle ruled that one such document was illegally withheld and ordered the board to disclose it to GATA and pay the organization court costs of $2,670:

http://www.gata.org/node/9916

What kind of system of government is it when every week an entity created by ordinary legislation can create enormous amounts of a nation's currency and disburse it to unidentified parties without any oversight by the people's elected representatives, news organizations, and ordinary citizens? It sure doesn't sound like "the land of the free and the home of the brave."

The New York Fed's response to GATA can be found here:

http://www.gata.org/files/NewYorkFedReply-11-2019.pdf

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

AttachmentSize
NewYorkFedReply-11-2019.pdf133.56 KB