Sanders says U.S. Fed 'hijacked' by bankers

The Fed's recent raising of interest rates while our unemployment is still above 4% led Sanders to criticize the Fed. The fact the Fed is being ran by the very bankers it regulates should not come as a surprise, after all it has become S.O.P. for regulatory agencies. Sanders not only has a few ideas on changing who sits on the Fed, and how they are appointed to their seats. But Sanders goes a little farther and said the Government Accountability Office should conduct a "full and independent audit" of the Fed.

Once again we we an important difference between Sanders and Hilary who Wall Street is said to love.

"To rein in Wall Street, we should begin by reforming the Federal Reserve," Sanders wrote. "Unfortunately, an institution that was created to serve all Americans has been hijacked by the very bankers it regulates."

The chief executives of the largest banks in America serve on Federal Reserve boards, he said, likening that to the chief of Exxon Mobile running the Environmental Protection Agency.

He said banking executives should be barred from serving on the boards of the Fed's regional banks and board members should be nominated by the president and chosen by the Senate

source

Feel the Bern!

As far as I am concerned, true freedom in the USA died the day the Federal Reserve was established. We will never be truly free until it is abolished.

Why is it that Sanders only gets attention on ATS...?

originally posted by: AlaskanDad
But Sanders goes a little farther and said the Government Accountability Office should conduct a "full and independent audit" of the Fed.

Why'd he wimp out 5 years ago, then?
thehill.com...

Rep. Ron Paul (R-Texas) said Thursday that Sen. Bernie Sanders (I-Vt.) "sold out" on a measure to audit the Federal Reserve.

Sanders agreed to modify the measure in a way that requires audits of the Fed during the financial crisis but not of the bank's monetary policy.

On his Facebook page, Paul lashed out at Sanders. Paul is a longtime critic of the Fed, and pushed audit legislation in the House that drew more than 300 cosponsors.

"Bernie Sanders has sold out and sided with [Sen.] Chris Dodd to gut Audit the Fed in the Senate. His 'compromise' is what the administration and banking interests want," Paul wrote on Facebook.

Paul said transparency of the Fed's interest rate decisions are important.

Feel the Bern? How about smell the BS.

a reply to: burdman30ott6

"Feel the Bern" sounds like an STD side effect... Never understood why people thought it would be a good slogan to use for him.

The Fed, it's bound to be good for you!!

Reform the Fed? How about abolish the Fed and invest at home again?

The Fed is a 'Not Fit For Purpose' organisation, it never should have been allowed to exist in the first place, but like every 'ahem, ahem' democracy, we need to look at ways of gaining access to the 'Filthy Lucre', without actually keeping the people advised of how much debt we are putting you in.

a reply to: AlaskanDad

This is really the only main issue I "feel the Bern" on. If he starts making this as big of a deal as Trump makes his wall, I'd have a difficult choice this November and for the better 👍🏼



ETA: He should also go a little further and suggest shuting the whole fed down as a possibility.

the fed IS a private bank. so bernie basically said "the bankers sold out to themselves." the government, in all of it's genius, put bankers in charge of themselves a LOOONNG time ago. now every time the government prints its own money, it prints the money as debt to a private bank. genius.

a reply to: AlaskanDad

It's good that you post occasional updates on The Bern here for people to see. Unfortunately for a lot of people this may be the only place they'll hear about him. The media simply refuses to talk about the guy and would rather cover Trumps Jackassery or how well Hillary's Success is doing with the establishment insiders. Yet here we have probably the only guy who gives a damn about changing the situation to help people in a logical and reasonable way but it's total media silence. Or when they do mention him it's only to joke about him being some kind of old hippy socialist. Even when he gets a scandal it's quietly ignored after a matter of hours.

If people only knew about what a huge grass roots following he had it might make them give him a second look. But as long as he get's little to no coverage people will continue to ignore him as a possible choice. A damn good choice at that. So many are against the establishment and think Trump is somehow their ticket to change. Which even if that was possible what kind of change do they think they'll get. Because changing America into a xenophobic empire of BS and arrogant bigoted immaturity I don't think is a change for the better and that's the change you'll see with Trump if it changes at all.

I just don't get it. We are so lost we can't even choose what is in our own best interest anymore. We're controlled by fear, greed and egoism to the point of becoming self involved and mentally challenged.

a reply to: burdman30ott6

I figured there was more to the story, and it turns out I was right...

The House version was passed first, and modified to include those provisions you mentioned...but Sanders isn't in the House, he was in the Senate:

On November 19, 2009, the Committee on Financial Services approved the Paul-Grayson amendment to the Financial Stability Improvement Act of 2009 (H.R. 3996). The amendment includes many provisions of the Federal Reserve Transparency Act, including removing GAO audit restrictions and allowing a more complete audit of the Federal Reserve, including reviewing various policies and agreements with foreign entities.[16][17] It was passed by in a 43-26 vote, with bipartisan support despite opposition from former supporter and Committee Chairman Barney Frank. The amendment was also opposed by Federal Reserve Chairman Ben Bernanke, Treasury Secretary Tim Geithner and others from the Obama administration.[16]

Frank declined to vote for the final amendment after proposed changes made by fellow Democrat Melvin Watt representing North Carolina's 12th congressional district, which encompasses most of Bank of America hometown Charlotte, were stripped out in favor of the amendment's original language by the amendment proposed by Paul and Grayson.[16] Watt's proposed version included provisions that allowed audits of the Fed's balance sheet, but not for the monetary policy.

So whoever this Watt guy in the House got the amendments tacked on you're talking about to the House bill...

Then, Sander's introduced an almost identical bill in the Senate. I sure didn't see anyone else doing that, or even attempting anything aimed at the Fed -- despite being a weakened attempt:

On March 16, 2009, U.S. Senator Bernie Sanders (I-VT) introduced the Senate companion version, S. 604, the Federal Reserve Sunshine Act of 2009, with the same provisions; this version was then referred to the Committee on Banking, Housing, and Urban Affairs.[22] The bill currently[when?] has 32 co-sponsors.[23]

Wikipedia

So, Sander's didn't come up with these amendments to the original idea -- but he did have the stones to at least introduce the Senate version -- more than I can say for anyone else in the Senate.

Sanders didn't even add them in -- he just took what had passed the House and had the balls to try in the Senate.

But of course, the Republicans didn't bother to jump in and help or anything ... instead they decided to just sit and watch, and then later launch attacks at Sanders. At least the man did something.

So we're going to attack him for doing something, when his detractors didn't. That's like me loosing a football game and being blamed for it, when the people blaming me didn't even bother to suit up and play themselves.

Poor form...

a reply to: LSU0408

Feel it Bern right through the middle class' wallets to ensure a new crop of Kept Voters is probably more accurate...

a reply to: burdman30ott6

Absolutely right... The largest voting bloc is always getting the shaft.

originally posted by: LSU0408
a reply to: burdman30ott6

"Feel the Bern" sounds like an STD side effect... Never understood why people thought it would be a good slogan to use for him.

I suppose it makes more sense to those who aren't always focused on their crotch.

a reply to: burdman30ott6

burdman30ott6
Sanders agreed to modify the measure in a way that requires audits of the Fed during the financial crisis but not of the bank's monetary policy.

Could it be that the original measure had no chance of passing, and by modifying it the Fed would at least be audited during crisis. The article is from 2010 and remember we had a crisis in 08 in which the Fed certainly needed auditing.

I know Sanders was working for the Feds right! lol's

Edit: It seems MystMushroom already addressed this in much more detail and facts than I had.

originally posted by: MystikMushroom
But of course, the Republicans didn't bother to jump in and help or anything ... instead they decided to just sit and watch, and then later launch attacks at Sanders. At least the man did something.

So we're going to attack him for doing something, when his detractors didn't. That's like me loosing a football game and being blamed for it, when the people blaming me didn't even bother to suit up and play themselves.

Poor form...

What in the world are you talking about!?!?!?!

Jim DeMint (Remember, "YOU LIE!" shouted at Obama during a SOTU Address?) was the driving force of getting Sander's amendment added to the House bill. It had 32 cosponsors, 30 of which were Republicans and all open detractors were Democrats. I'm not suggesting Sander's bill was a bad one in and of itself, it simply didn't go far enough. He had an opportunity to actually make a difference and instead he removed the teeth from his bill and ran with something far less impactful than it should have been.

The Democrats controlled the show at that time... if the action didn't happen as you'd have wished it did, that's the party you should be sniping at.

originally posted by: burdman30ott6
a reply to: LSU0408

Feel it Bern right through the middle class' wallets to ensure a new crop of Kept Voters is probably more accurate...

It's funny you would think that since it's the middle class who is fighting for, not against. It's well known that his target is the the 1% or more specifically the .1% who control about 50% of the wealth of this nation. They are the ones who need to worry about their wallets not the middle class.

originally posted by: LSU0408
a reply to: burdman30ott6

Absolutely right... The largest voting bloc is always getting the shaft.

That's the problem... we (net tax payers) are about to lose our status as the largest voting bloc... that distinction will soon belong to the net takers, and that will be a point of no return because nobody votes against the Meal Ticket.

a reply to: AlaskanDad

Yep, even Ronald Regan knew that sometimes getting a little is better than getting nothing:

I have always figured that a half a loaf is better than none, and I know that in the democratic process you’re not going to always get everything you want.

The problem today is that people are behaving like spoiled brats who have an "all or nothing" attitude. Hence we are seeing epic levels of gridlock in congress. It's not just the GOP's fault either. The Democrats have had to tighten ranks in response to all the stonewalling that's been going on.

It's an unfortunate situation, as it hurts all of us when everyone wants "their way or the highway". This again, goes back to that stupid black and white, absolutist thinking. People become closed off to possibilities that exist outside of yes/no and black/white -- and we all continue to fall farther and farther due to out pigheaded bullishness.

originally posted by: LSU0408
Why is it that Sanders only gets attention on ATS...?

Because he has that unfortunate blend of not being establishment, not being a sensational bigot, and with ideas that rub most establishment media and politics the wrong way.

This is why he has record breaking support from everyday people and is bringing the concept of "grassroots" back into reality yet the media ignores him.

a reply to: burdman30ott6

I don't see anywhere that says Sander's penned any amendments to the bill he sponsored in the Senate...All I see is DeMint was the one adding any amendments, not Sanders. It appears from what I can see Sanders is the one that originally introduced the bill to the Senate floor, that's it.