Democratic presidential hopeful Bernie Sanders criticized the Federal Reserve on Wednesday, claiming the central bank has been “hijacked” by the bankers it regulates. Sanders called for reform in the institution, stating that bank executives should be prohibited from serving on regional Federal Reserve governing boards.
Sanders has also criticized the Fed’s decision to raise interest rates, and in a recent opinion piece posted on the New York Times, he claimed that Wall Street is “out of control.”
In his piece, Sanders noted that chief executives of some of the largest banks in the country serve on Federal Reserve Boards, likening the arrangement to big oil companies holding a position on the Environmental Protection Agency board.
Bernie Sanders has been relentless in his focus on the troubles of Wall Street, which is the continued pressure on Hillary Clinton, the Democratic front runner. Clinton is known for her friendly relations with corporate America, and throughout her campaign, has received significant donations from major banks.
Sanders called for the Federal Open Market Committee to release “full and unredacted” transcripts from its meetings within six months, instead of the current 5-year requirement. He also proposes that the Government Accountability Office conduct an independent and complete audit of the Federal Reserve.