Quantcast
Connect with us

Bernie Sanders unloads on the Fed: It’s been hijacked by the very bankers it regulates

Published

on

Democratic presidential candidate Bernie Sanders lambasted the Federal Reserve on Wednesday as an institution that has been “hijacked by the very bankers it regulates” and called for banning bank executives from regional Fed governing boards.

The populist Sanders last week criticized the Fed’s decision to raise interest rates and acknowledged proudly in a Saturday night debate that Wall Street won’t like him in the White House.

“Wall Street is still out of control,” Sanders wrote in a New York Times opinion piece.

Seven years after large U.S. banks were bailed out by the Treasury Department because they were too big to fail, the banks have become even bigger, leaving taxpayers at risk of another bailout, he said.

“To rein in Wall Street, we should begin by reforming the Federal Reserve,” Sanders wrote. “Unfortunately, an institution that was created to serve all Americans has been hijacked by the very bankers it regulates.”

The chief executives of the largest banks in America serve on Federal Reserve boards, he said, likening that to the chief of Exxon Mobile running the Environmental Protection Agency.

ADVERTISEMENT

He said banking executives should be barred from serving on the boards of the Fed’s regional banks and board members should be nominated by the president and chosen by the Senate.

Sanders blamed the Fed’s decision last week to raise interest rates on pressure from bankers and said that, as a rule, the Fed should not hike rates until unemployment is lower than 4 percent.

Sanders’ relentless focus on the ills of Wall Street has kept pressure on Democratic front-runner Hillary Clinton, who has had friendlier relations with corporate America and received significant campaign donations from big banks – second only to Republican presidential contender Jeb Bush.

During the last Democratic debate, a moderator cited a 2007 Fortune magazine cover titled “Business Loves Hillary” and asked whether corporate America should love her in 2016. “Everybody should,” Clinton quipped.

ADVERTISEMENT

In the opinion piece, Sanders called for “full and unredacted” transcripts of Federal Open Market Committee meetings to be released within six months instead of the current five years.

He also said the Government Accountability Office should conduct a “full and independent audit” of the Fed.

“The sad reality is that the Federal Reserve doesn’t regulate Wall Street; Wall Street regulates the Fed,” Sanders wrote.

(Reporting by Doina Chiacu; Editing by Alistair Bell)

Report typos and corrections to [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

Facebook moderator died from heart attack on the job — and managers were ordered not to tell employees: report

Published

on

A Facebook moderator died of a heart attack last while on the job for the social media giant, according to a new report detailing miserable working conditions for the company's employees.

Keith Utley, a former Coast Guard lieutenant commander, was working an overnight shift at Facebook's moderator site in Tampa, Florida, when co-workers noticed him slump out of his chair, reported The Verge.

Continue Reading

2020 Election

Biden tells billionaires that things wouldn’t change under his administration

Published

on

Don't worry, billionaires: your standard of living won't change under a Joe Biden administration.

That's the message the Democratic frontrunner delivered to donors Tuesday as he continued a fundraising trip in New York that saw him on Monday tell a room of wealthy Wall Streeters "you guys are great" and ask a Trump-loving supermarket magnate for support.

In Biden's comments Tuesday, the former vice president told a room of 100 of the New York financial elite, including bankers Robert Rubin and Roger Altman, both of whom worked in the Treasury Department under Democratic administrations, that he wasn't their enemy. According to Bloomberg reporter Jennifer Epstein, Biden took pains to separate himself from the rest of the field in his comments.

Continue Reading
 

Facebook

Video of bear cub being stoned to death in Iran sparks outcry

Published

on

A video of a bear cub being stoned to death by villagers in Iran has sparked horror and prompted police action after it was posted online on June 16

In the video, taken in a forest in Mazandaran Province in northern Iran, around a dozen men are seen throwing stones at the cub, which appears to be in a state of shock. A woman can be heard calling for the group to stop. Later, some of the men are seen tying a cord around the unconscious bear and dragging it to the side of a road.

The video quickly went viral, and many online users began searching for the perpetrators.

A screenshot from the video.

????????? ??? ?? ??????? ?? ???? ?????? ? ?? ?????? ?????? ?????? ???????? ??????. ??? ??? ??? ?? ??? ??????? ? ?? ??? ?? ??????? ?????. ????? ???? ????? ?? ??? ?? ???.

Continue Reading
 
 

Copyright © 2019 Raw Story Media, Inc. PO Box 21050, Washington, D.C. 20009 | Masthead | Privacy Policy | For corrections or concerns, please email [email protected]

I need your help.

Investigating Trump's henchmen is a full time job, and I'm trying to bring in new team members to do more exclusive reports. We have more stories coming you'll love. Join me and help restore the power of hard-hitting progressive journalism.

TAKE A LOOK
close-link

Investigating Trump is a full-time job, and I want to add new team members to do more exclusive reports. We have stories coming you'll love. Join me and go ad-free, while restoring the power of hard-hitting progressive journalism.

TAKE A LOOK
close-link