President Obama has committed to making his administration the most open and transparent in history
During the transition, this commitment took the form of several specific proposals. These proposals include, but are not limited to:
Publishing legislation online before it is signed into law
Making all "earmarks" public information, including which legislators are responsible for them
Detailing how much all federal contractors spend on lobbying
Creating a centralized database for all lobbyist information
After eight years of the most secretive administration in American history, these are all welcome changes.
However, what these new transparency commitments do not address is the newly created, ultra-secretive program by the Federal Reserve Bank to purchase and subsidize toxic bank assets. This program has already spent at least $2.4 trillion, nearly the size of the entire federal budget. Further, today Treasury Secretary Tim Geithner announced that this program would grow by at least another trillion dollars.
This program, now nicknamed BARF, is not only conducted behind closed doors and not only begun without congressional approval or legislation, but is not even subject to the Freedom of Information Act. The continued lack of transparency on this program, which for fiscal year 2009 will literally become the largest organization on Earth in sheer monetary terms--eclipsing even the annual monetary cost of the United States federal government--renders all other attempts to increase transparency in the Executive Branch nothing more than grains of sand on a slowly eroding beach. In order for President Obama's commitments to increased transparency to have any substantive meaning, the books on this program, "BARF," must be opened be opened for public review.
More background, and how you can help, in the extended entry.
While Washington debates TARP II, the Federal Reserve Board continues to buy or guarantee or provide loans for a vast and growing pile of questionable financial and corporate assets, much of which are likely to be worth far less than the Fed has paid or guaranteed or accepted as collateral. We're talking big money here -- so far over $2.4 trillion. (The entire TARP -- parts I and II -- in combination with the proposed stimulus package come to just over $1.5 trillion.)
Taxpayers are on the hook for this Fed bailout money, too, of course. We have to pay the interest on the ever-growing debt used to make these payments or guarantees and loans. Yet while TARP II and the upcoming stimulus package are receiving a great deal of attention, this much larger public commitment by the Fed is not. That's partly because the media doesn't much of understand it, but also because the Fed is doing it in secret, using provisions of its charter never before utilized, and avoiding discussion before the full Board of Governors for fear such meetings would be subject to the Freedom of Information Act.
This secretive, $2.4 trillion program was not initiated under the Obama administration, but it continues, and expands, under it. From today's Washington Post:
The gravity of the financial crisis confronting the Obama administration will come into stark focus today when officials unveil a three-pronged rescue program that may commit up to $1.5 trillion in public and private funds, and possibly more, lawmakers and other officials said.
In announcing the plan, Treasury Secretary Timothy F. Geithner will not ask Congress for more funds than the roughly $350 billion that remain in the Treasury Department's original rescue package for the financial system, though congressional sources said such a request could come later if the new programs are unsuccessful. The rest of the money would come from other government agencies, such as the Federal Reserve, as well as private-sector contributions.
It is unacceptable that the American people don't know how the original $2.4 trillion was spent. It is equally unacceptable that this program is now expanding without any additional transparency promises.
During his transition and his first three weeks in office, President Obama has shown a willingness to listen to the progressive grassroots. From the reader-generated press conferences on Change.gov, to publicly addressing left-wing criticism in his press conference last night and his Indiana stump speech yesterday, to naming a new blog outreach director today, to even adopting new legislative strategies long supported by the grassroots. I think that, given President Obama's track record so far, there is reason to believe he would listen to a broad pressure campaign to make the secretive "BARF" program operated by the Federal Reserve Bank public. Further, the continued secrecy of the BARF program is making a mockery of President Obama's promise of a more transparent government. Given that increased transparency was both a campaign promise, and something that President Obama clearly believes in, there are solid reasons to believe that such a campaign would result in an opening of the books on the BARF program.
Now, here is where you can help. Before such a campaign begins, we need to know exactly what actions President Obama can make in order to make the recent actions of the Federal Reserve open to public scrutiny. Is it an executive order? Would it require new legislation from Congress? Could the White House simply just publish the information online without any new policy? What needs to be done in order for the public to know how the Federal Reserve is spending what appears to be more than three trillion dollars?
The campaign won't be effective unless we have a specific, workable ask that will make these recent actions by the Federal Reserve Bank public. So, if you know what actions could be taken, please list them in the comments. Such information is greatly appreciated, and will hopefully set us on a path toward transparency in our continuing kleptocracy.
President Obama has repeatedly promised to have the most transparent and open administration in history. 
