Video by kineticnaturalism
At a Brattleboro, VT. town meeting on 6/24/2012, Vermont Senator Bernie Sanders explains the bank bailouts…. and the new legislation that he has introduced.
New legislation introduced by Senators Sanders, Boxer, and Begich – the Federal Reserve Independence Act — would make that change. Their proposal would not only require the removal of Jamie Dimon from the New York Fed, but would fix the structural problem that put him there in the first place. The bill mandates that the directors of regional Federal Reserve banks be appointed by the democratically selected Board of Governors, rather than elected by the banks they supervise. It also bans directors or employees of the Federal Reserve from holding stock in the banks they supervise. These are straightforward, common-sense solutions to the conflict of interest problem that should become law.