as discussed by Senator Bernie Sanders (Vermont):
“A new audit of the Federal Reserve released Wednesday detailed widespread conflicts of interest involving directors of its regional banks. “The most powerful entity in the United States is riddled with conflicts of interest,” Sen. Bernie Sanders said after reviewing the Government Accountability Office report. The study required by a Sanders Amendment to last year’s Wall Street reform law examined Fed practices never before subjected to such independent, expert scrutiny. “This is exactly the kind of outrageous behavior by the big banks and Wall Street that is infuriating so many Americans,” Sanders said.
Sanders said he will work with leading economists to develop legislation to restructure the Fed and bar the banking industry from picking Fed directors. ”
The full report is here.