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      Senate Health, Education, Labor, and Pensions Committee Chairman Bernie Sanders (I-Vt.) delivers opening remarks during a hearing in the Hart Senate Office Building on Capitol Hill on March 22, 2023.​

      Sanders Introduces Bill to Ban Bank Execs From Fed Boards

      "The CEOs of the largest banks in America should not be allowed to serve as directors of the main agency we have in this country in charge of regulating those very same financial institutions," the senator said.

      Jessica Corbett
      Mar 23, 2023

      U.S. Sen. Bernie Sanders on Thursday introduced the Federal Reserve Independence Act to prevent bank executives from serving on regional Fed boards that are responsible for regulating their institutions.

      The bill—which would also bar the U.S. central bank's board members and employees from owning any stock or investing in any company that is regulated by the Federal Reserve—comes as Fed leadership is under fire for recent interest rate hikes and regulatory rollbacks that preceded the Silicon Valley Bank (SVB) and Signature Bank failures.

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      Bernie Sanders
      Federal Reserve Board Chairman Jerome Powell holds a news conference following a Federal Open Market Committee meeting on March 22, 2023 in Washington, D.C.

      The Fed Accused of 'Playing With Fire' After Latest Rate Hike

      "It shouldn't take a lot of courage to resist another interest rate hike when the economy is this fragile," said one critic.

      Jessica Corbett
      Mar 22, 2023

      Progressive economists and other experts blasted Federal Reserve leadership on Wednesday for raising interest rates yet again despite concerns about recent bank failures and how the quarter-point increase will impact the U.S. and global economies.

      "Once again, interest rate hikes are going to fall hardest on low-wage workers and the poor—the same people who have already been hurt the most by rising prices," tweeted University of California, Berkeley professor and former Labor Secretary Robert Reich. "Higher rates could also imperil more banks, and risk even more financial chaos. The Fed is playing with fire."

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      Jerome Powell Testifies Before House Committee On Financial Services

      Reckless Capitalist Banks Rescued by Government Socialism – Again!

      The financial system gets another bailout.

      Ralph Nader
      Mar 21, 2023

      Once again, government socialism—ultimately backed by taxpayers—is saving reckless midsized banks and their depositors. Silicon Valley Bank (S.V.B) and Signature Bank in New York greedily mismanaged their risk levels and had to be closed down. The Federal Deposit Insurance Corporation (FDIC), in return, to avoid a bank panic and a run on other midsized banks went over its $250,000 insurance cap per account and guaranteed all deposits—no matter how large, which are owned by the rich and corporations—in those banks.

      Permitting such imprudent risk-taking flows directly from the Trump-GOP Congressional weakening of regulations in 2018, which was supported by dozens of Democrats, led by bank toady Senator Mark Warner (D-Va.). That bipartisan deregulation provided a filibuster-proof passage by the Senate.

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