Bernie & Barbara Want To Fix The Fed

It was bad enough that the Wall Street bankers played fast and loose with the few regulations that Republicans had left in place, and in doing so, kicked off the current recession. But what is even crazier is to let those same greedy bankers on the governing board of the Federal Reserve (which sets monetary policy for this country). And Senators Bernie Sanders (I-Vermont) and Barbara Boxer (D-California) agree that doing so is sheer madness. Here is what they have to say:

Can you believe that, only four years after Wall Street and the Big Banks brought our economy to its knees, many of those same bank CEOs are helping to shape policy at the Federal Reserve?

Talk about the fox guarding the hen house. These executives are serving as directors of the very same Federal Reserve that bailed them out in 2008 -- and is supposed to regulate them today.

It's unbelievable, and we've got to do everything we can to end these outrageous conflicts of interest.

The General Accounting Office has detailed instance after instance of top executives of financial institutions and corporations who could have used their influence as Federal Reserve directors to financially benefit their firms -- including board members who were affiliated with banks and companies that received near-zero-interest emergency loans from the Federal Reserve during the financial crisis.

The American people deserve a Federal Reserve that is truly independent from the financial institutions it supervises and oversees. That’s why our Federal Reserve Independence Act would:

• Prohibit banking executives or employees of companies regulated by the Fed from serving on the Federal Reserve’s board of directors;
• Prohibit the banking industry from choosing any members of the Federal Reserve’s board of directors; and
• Prohibit Fed employees or board members from owning stock or investing in companies that the Fed regulates, supervises or oversees with absolutely no exceptions.

Americans deserve a Federal Reserve that works for them, not just the top one percent. Congress needs to pass the Federal Reserve Independence Act -- and you can help us do it.

It is time for change at the Fed -- real change. Thank you for joining us and helping to make that change happen.

Sincerely,

Bernie Sanders and Barbara Boxer
U.S. Senators

If you would like to add your support to this crusade to fix the Fed (and I urge you to do so), you can go here and become a citizen co-sponsor of this effort.