Sen. Bernie Sanders assembled some of the best economic minds in the country, including a winner of the Nobel Prize, to help him develop legislation to rethink and fundamentally reform the nearly 100-year-old Federal Reserve System.
Among the noted economists working with Bernie on recasting the role of the Fed will be Nobel Prize winner Joseph Stiglitz, former labor secretary Robert Reich, Jeffrey Sachs, the director of The Earth Institute, and Lawrence Mishel, the president of the Economic Policy Institute.
A provision authored by Bernie, which was included in the Wall Street reform law, revealed the Fed secretly loaned $16 trillion to every major financial institution in the country, large corporations, wealthy individuals, as well as central banks throughout the world. Another provision in the bill called for a Government Accountability Office investigation into conflicts of interest at the Fed. This report, released last week, found that a number of the members of the board were affiliated with the large financial institutions who received help from the Fed. In other words, the “bank regulators” turned out to be the same people who were being regulated.
“Clearly, it is unacceptable for so few people to wield so much unchecked power,” Bernie said. “Not only do they run the banks, they run the institutions that regulate the banks. This must change. We need a Federal Reserve which represents all of the people in our country, including the 25 million Americans who are unemployed or underemployed, not just CEOs on Wall Street and too-big-to-fail financial institutions.” (Florida Latin Connection/Varona
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