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CRS report on bank borrowing from the Federal Reserve and purchases of securities
I guess this is a big CRS news day! Huffington Post reported on 4/26 that a newly released Congressional Research Service (CRS) Report requested by Senator Bernie Sanders (I-VT) found that the nation’s largest banks profited off the federal government’s bailout programs by borrowing cash for next to nothing, then lending it back to the federal government at substantially higher rates. The report has been posted at Sanders' Web site (PDF).
A newly-released study from the Congressional Research Service bolsters claims that the nation's largest banks profited off the Federal Reserve's financial crisis-era programs by borrowing cash for next to nothing, then lending it back to the federal government at substantially higher rates. The report reinforces long-held beliefs that the banking system in essence engaged in taxpayer-financed arbitrage: They got money for free, then lent it back to Uncle Sam while collecting juicy returns. Left out of the equation are the millions of everyday borrowers, like households and small businesses, who were unable to secure loans needed to tide them over until the crisis ended. The Fed released records under pressure in December and March that showed the extent of its largesse. The CRS study shows for the first time how some of the most sophisticated financial firms could have taken the Fed's money and flipped easy profits simply by lending it back to another arm of the government.Continue reading
CIA finally declassifies last WWI era classified documents
So the CIA just got around to declassifying 6 of the U.S.'s oldest classified documents from WWI (1917 + 1918). They've posted them in their CIA FOIA reading room and the CIA Records Search Tool (CREST) at the National Archives (but to use CREST, a researcher must physically be present at the National Archives, College Park, Maryland :-|). That also means that the documents will also soon be available at the archive-it FOIA collection (I'm harvesting them as we speak ;-)).
These documents, which describe secret writing techniques and are housed at the National Archives, are believed to be the only remaining classified documents from the World War I era. Documents describing secret writing fall under the CIA's purview to declassify. "These documents remained classified for nearly a century until recent advancements in technology made it possible to release them," CIA Director Leon E. Panetta said. "When historical information is no longer sensitive, we take seriously our responsibility to share it with the American people." One document outlines the chemicals and techniques necessary for developing certain types of secret writing ink and a method for opening sealed letters without detection. Another memorandum dated June 14, 1918 - written in French - reveals the formula used for German secret ink. "The CIA recognizes the importance of opening these historical documents to the public," said Joseph Lambert, the Agency's Director of Information Management Services. "In fiscal year 2010 alone, the Agency declassified and released over 1.1 million pages of documents."These documents, which describe secret writing techniques and are housed at the National Archives, are believed to be the only remaining classified documents from the World War I era. Documents describing secret writing fall under the CIA's purview to declassify. "These documents remained classified for nearly a century until recent advancements in technology made it possible to release them," CIA Director Leon E. Panetta said. "When historical information is no longer sensitive, we take seriously our responsibility to share it with the American people." One document outlines the chemicals and techniques necessary for developing certain types of secret writing ink and a method for opening sealed letters without detection. Another memorandum dated June 14, 1918 - written in French - reveals the formula used for German secret ink. "The CIA recognizes the importance of opening these historical documents to the public," said Joseph Lambert, the Agency's Director of Information Management Services. "In fiscal year 2010 alone, the Agency declassified and released over 1.1 million pages of documents."Declassified CIA documents (all pdf):
- Document 1
- Document 2
- Document 3
- Document 4 -- This is the one with the steps for checking for invisible ink.
- Document 5
- Document 6
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Save the statistical abstract video created. Please share widely
The fine folks at Gelman Library, George Washington University have created a compelling video in support of the US Statistical Abstract. Please watch and share widely. Remember, there are at least 2 things you can do to help save the Statistical Abstract:
- Contact your representatives. Here's more information on how to do that.
- Sign the online petition
Issa pledges to keep transparency sites online
I'm in 2 minds about yesterday's announcement by Congressman Darrell Issa (R-Calif.), chairman of the Oversight and Government Reform Committee. On the one hand, I'm heartened by the fact that he stood up for the importance of the e-government fund and sites like data.gov and USAspending.gov and understood the importance of "governmentwide collection and governmentwide disclosure." On the other hand, I really worry about commercialized aggregations of data replacing free govt aggregations (statistical abstract, etc.) if the "pretty part" is not fully funded. If "governmentwide collection and disclosure" is not fully funded, what non-govt entity/company will be able to do that? Remember, according to the Census 2012 budget request, base funding for the Statistical Abstract = 24 FTE staff and $2.9 million (p.79). Data collection, aggregation, analysis, access and preservation cost money and these things won't be done by the "invisible hand." And with that cheery thought, I'd again exhort our readers to help save the Statistical Abstract! Issa pledges to keep transparency sites online Federal News Radio April 13, 2011
Congressman Darrell Issa (R-Calif.), chairman of the Oversight and Government Reform Committee, said Wednesday the $27 million cut to the E-Government Fund doesn't have to be the end of the sites such as Data.gov, USAspending.gov and many others. "It was one of the things I begged my partners on the other side of the aisle to come back and say there is a price to pay to keep this up," Issa said during a panel discussion hosted by the Association of Government Accountants. "We will find a way, and this is a personal pledge, to make sure they are not shutdown. The specific funding goes away but reprogramming authority would still be available. Our view is on a case-by-case basis we will be able to keep them open."Continue reading
Federal websites may go dark if shutdown occurs
Declan McCullagh at CNET reports that many federal Web sites will likely go offline if the government shuts down Friday night. "A 16-page memo (PDF) to federal agencies says their Web sites may stay online only in a small number of situations, including tax collection and handling 'exempted' activities such as payments and other functions that are paid for by previous annual budgets." So how will permanent public access be maintained in the event of a shutdown? Will the standard notice include information on how to find your local federal depository library? The public won't even be able to find a list of depository libraries on the FDLP desktop (fdlp.gov) but will have to go to Documents Data Miner hosted by the library at Wichita State University. The Washington Post has a list of govt agency shutdown plan details -- including GPO -- but only states, "If the government were to shut down, a [GPO] skeleton staff is expected to stay on to print copies of the Congressional Record and other White House documents." It's unclear whether or not fdlp.gov, fdsys.gov or other GPO sites will remain online in the event of a shutdown.
"The mere benefit of continued access by the public to information about the agency's activities would not warrant the retention of personnel or the obligation of funds to maintain, or update, the agency's Web site" during a shutdown, says the memo, prepared by the White House's Office of Management and Budget. It adds: "If an agency's Web site is shut down, users should be directed to a standard notice that the Web site is unavailable during the period of government shutdown." The IRS's Web site would likely stay online, the memo says, because tax collection is an exempted activity, "but the entire Treasury Department Web site would not."Continue reading
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