February 5, 2018

Mike Jackson – Chairman

AutoNation

206 SW 1^st Avenue

Ft. Lauderdale, FL 33301

Mr. Jackson.

First, allow me to congratulate you on your selection as Chairman of the Federal Reserve Bank of Atlanta. It speaks volumes to your business acumen and corporate acuity.

Second, and a far more reaching inquiry than congratulatory notes usually contain, is one of financial accountability.

Why shouldn’t the Federal Reserve Bank and all its subsidiaries be subject to the same accounting rules as AutoNation?

Back in my other life, I was an officer and director of a public company. Since I had no academic background in finance I relied on the number of footnotes after the actual numbers and the number of paragraphs the auditors needed to explain themselves to judge the health of the company. The dispassionate opinion of a 3^rd party carried far more weight than mine did, particularly when dealing with the outside world of shareholders and bankers.

Shouldn’t the Fed be subject to the same scrutiny?

The courtesy of a prompt reply would be most appreciated.

Kevin Smith