Posted August 23, 2007

Federal Reserve Bank of New York Refuses to Honor Treasury Notes from African Americans and Native Americans; Questions Asked of Chairman

To:      

To: The Honorable Ben S. Bernanke                                 

       Federal Reserve System

From: Ms. Arelya J. Mitchell, Publisher, ArelyaJMitchell@prodigy.net

           The Mid-South Tribune

           The Mid-South Tribune ONLINE

           And the Black Information Highway

          www.blackinformationhighway.com

Date: August 22, 2007

Question: It has been reported that the Federal Reserve Bank of New York has been officially served with the demand for redemption of U.S. Treasury checks due and payable to African Americans and to Native Americans and that the Federal Reserve System has not honored this bank-to-bank formal redemption request. Would you elaborate on this? Also, it has been reported that Fed funds are now being used to bail out JP Morgan Chase & Com, Wachovia Corp, and Bank of America and Citigroup. Of course, it was noted today (August 22, 2007) that Citigroup borrowed $2 billion “directly from the Federal Reserve, as the Fed tries to stabilize tempestuous financial markets by adding money to the banking system.” (quote from Reuters). That Reuters news article further stated: “Deutsche Bank late last week borrowed funds from the Fed, the Financial Times reported on Monday.” How ironic, that a foreign bank’s request was granted; yet, the Federal Reserve Bank of New York seemingly refuses to honor the request of citizens of the United States of America based on their race.

Also, as a follow-up to this question: Is this not an example of continued systemic policies by Federal Reserve System that racially dis-empower  this country’s two major minorities?  This, following the same pattern as the U.S. Department of Agriculture in discriminating against African American farmers, allegedly and illegally  using Fed funds (based upon designated Treasury notes) to bail out mainstream multi-national banks and predators, while utilizing the Color of the Law to deny access to capital to America’s most loyal citizens.

Chairman Bernanke, with all due respect, these issues presented to you will be seen the same as one of the worst examples of how America’s minorities were treated in   demonstrated post-Katrina. The world saw that this country managed to drop food and water from planes to citizens in the country of its enemy (Iraq) but did not pay this same humane courtesy to its American Black citizens in New Orleans.

Indeed, this is a matter that this newspaper has already written about and took a strong

editorial position on. Hopefully, these questions will not lead to any type of retaliation, but as a journalist, I am quite willing to take on this matter, as this matter deserves debate in the public arena and for the upcoming March 2008 House Financial Services Committee hearing on the Government Accountability Office Report on amending the Federal Reserve System Regulation B.

cc: U.S. Sen. Christopher Dodd, Chairman,  Senate Banking Committee

      U.S. Rep. Barney Frank, Chair, House Financial Services

      U.S. Rep. Maxine Waters, Member, House Financial Services Committee

      U.S. Congressional Black Caucus

      U.S. Sen. Hillary Clinton

      U.S. Sen. Barack Obama

      U.S. Sen. John McCain

      U.S. Rep Ron Paul

      Gov. Mitt Romney

      Mr. Eddie Rye, Afrogenesis Network

Various African American and Native American organizations that have interest in                         this matter