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Sen. Sanders blasts conflicts of interest at the Federal Reserve

By Eric W. Dolan
Wednesday, June 13, 2012 23:12 EDT
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Sen. Bernie Sanders on Wednesday explained the importance of ending conflicts of interest at the Federal Reserve.

Jamie Dimon, the CEO and chairman of JPMorgan Chase, serves on the New York Fed’s board of directors. The Fed supervises the financial sector and decides whether to provide bank holding companies with low-interest loans.

“The idea that we don’t have a Fed which is sitting there with knowledgeable, intelligent people who are fighting for the middle class and working families and not just for the profits of the large financial institutions — I mean, to me, that’s just a very simple reform,” Sanders said on Current TV’s Viewpoint.

“But at the end of the day, if we are serious about trying to rebuild the middle class of this country, rebuild our manufacturing sector, et cetera, no question we need real Wall Street reform. To get Wall Street reform, we need Fed reform. To get Fed reform, we’ve got to get the bankers off of the regional Feds.”

Sanders has introduced the Federal Reserve Independence Act to prohibit banking industry executives from serving as Fed directors.

Watch video, courtesy of Current TV, below:

Eric W. Dolan
Eric W. Dolan
Eric W. Dolan has served as an editor for Raw Story since August 2010, and is based out of Sacramento, California. He grew up in the suburbs of Chicago and received a Bachelor of Science from Bradley University. Eric is also the publisher and editor of PsyPost. You can follow him on Twitter @ewdolan.
 
 
 
 
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