But who cares, Sanders points out, when the “chief executives of some of the largest banks in America are allowed to serve on [the Fed’s] boards.”
Noting that next year, four of the 12 presidents at the regional Federal Reserve Banks will be former executives from one firm—Goldman Sachs—Sanders declares: “If I were elected president, the foxes would no longer guard the henhouse.”
Not only would he “fundamentally restructure the Fed’s governance system to eliminate conflicts of interest,” Sanders calls for the Fed to:
What’s more, he writes, “We also need transparency.”
“The sad reality is that the Federal Reserve doesn’t regulate Wall Street; Wall Street regulates the Fed,” Sanders concludes. “It’s time to make banking work for the productive economy and for all Americans, not just a handful of wealthy speculators. And it begins by making the Federal Reserve a more democratic institution, one that is responsive to the needs of ordinary Americans rather than the billionaires on Wall Street.”
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