Tuesday, June 19, 2012
Congress should Regulate and Audit the Federal Reserve
FROM: Sen. Sanders and Boxer and Democracy for America Tuesday, June 19, 2012 6:53 AM "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 henhouse. 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. "Please join us, and our friends at Democracy for America, to become a citizen co-sponsor of the Federal Reserve Independence Act -- and help us end these huge conflicts of interest at the Fed! "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. "Please stand with us to end these outrageous conflicts of interest and reform the Federal Reserve by becoming a citizen co-sponsor of the Federal Reserve Independence Act today! "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" "Paid for by Democracy for America, http://www.democracyforamerica.com/?t=4&akid=2027.1072672.vZ_C23 and not authorized by any candidate." Kenneth Stepp agrees. The Federal Reserve spends your money but has no supervision. Congress should supervise the spending of your money by the government. Will the Federal Reserve sink a few billion dollars into the Greek bailout, or the Euro bailout? No one knows. Who's minding the store. Congress should have the Fed audited, so we can know what's going on over there. Congress should pass the Federal Reserve Independence Act, to protect you from having interlocking boards of directors, and from having banking executives or employees of companies by the Fed from serving on the Federal Reserve's board of directors--conflicts of interest like that should be outlawed. We need more transparency in government so you can see what's going on. We need more ethics in government, so the foxes won't be guarding the henhouse. Kenneth Stepp.