'The CEOs of the largest banks in America should not be allowed to serve as directors of the main agency we have in this country in charge of regulating those very same financial institutions,' said SenSanders.
"The Fed has got to become a more democratic institution that is responsive to the needs of working people and the middle class."
"It is clear to me and to the American people, that the CEOs of the largest banks in America should not be allowed to serve as directors of the main agency we have in this country in charge of regulating those very same financial institutions," he asserted."The Fed has got to become a more democratic institution that is responsive to the needs of working people and the middle class, not just CEOs of some of the largest financial institutions in America.
Sanders also pointed to a 2011 Government Accountability Office study which"found that allowing members of the banking industry to both elect and serve on the Federal Reserve's board of directors creates 'an appearance of a conflict of interest' and poses 'reputational risks' to the Federal Reserve System."
Along with seeking support for his bill—which is backed by Americans for Financial Reform, Demos, Revolving Door Project,
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