Bernie Sanders: We Need A “Full and Independent Audit of the” Federal Reserve

December 23, 2015   |   admintam

2016 Democratic presidential candidate and Senator from Vermont Bernie Sanders said in an op-ed on Wednesday that a full independent audit of the Federal Reserve is necessary “to reign in Wall Street.”

Barry Donegan
December 23, 2105

(TRUTHINMEDIA) 2016 Democratic presidential candidate and U.S. Senator from Vermont Bernie Sanders wrote an op-ed for The New York Times on Wednesday calling for the Federal Reserve to be audited independently by the Government Accountability Office on an annual basis.

Meanwhile, Senate Majority Leader Mitch McConnell (R-Ky.) has scheduled a historic Jan. 12 vote on a bill, colloquially referred to as “Audit the Fed,” which was introduced by Sen. Rand Paul (R-Ky.). The bill would authorize the GAO to perform full audits of the Federal Reserve System.

To rein in Wall Street, we should begin by reforming the Federal Reserve, which oversees financial institutions and which uses monetary policy to maintain price stability and full employment. Unfortunately, an institution that was created to serve all Americans has been hijacked by the very bankers it regulates,” wrote Sen. Sanders.

RELATED: DNC Disciplines Sanders Campaign for Accessing Confidential Clinton Voter Data

He added, “What went wrong at the Fed? The chief executives of some of the largest banks in America are allowed to serve on its boards. During the Wall Street crisis of 2007, Jamie Dimon, the chief executive and chairman of JPMorgan Chase, served on the New York Fed’s board of directors while his bank received more than $390 billion in financial assistance from the Fed. Next year, four of the 12 presidents at the regional Federal Reserve Banks will be former executives from one firm: Goldman Sachs.

Sanders called for the Glass-Steagall Act to be reinstated, a Depression-era banking regulation that created a wall of separation between consumer and investment banks prior to its repeal by former President Bill Clinton. He also suggested that the Fed should be prevented from providing incentives to encourage banks to sit on cash reserves.

As a condition of receiving financial assistance from the Fed,” said Sanders, “large banks must commit to increasing lending to creditworthy small businesses and consumers, reducing credit card interest rates and fees, and providing help to underwater and struggling homeowners.

RELATED: Rand Paul Challenges Bernie Sanders To Hour-Long Debate On Socialism vs. Capitalism

Sanders argued that the Federal Reserve suffers from a lack of transparency. “In 2010, I inserted an amendment in Dodd-Frank to audit the emergency lending by the Fed during the financial crisis. We need to go further and require the Government Accountability Office to conduct a full and independent audit of the Fed each and every year,” he said.

Audit the Fed legislation first became a hot political topic as a result of the sudden, meteoric 2008 rise to popularity of libertarian icon and former Congressman Ron Paul (R-Texas), who made the push for Fed transparency a central focus of his entire political career.

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  1. That was 2010, the question now is what has happen to that bill? Is the audit that he is asking for now the one that Ron Paul requested in 2010? Is this version a watered down version? Why did Bernie then water it down? This is Rothchild's and company money we're talking about here…they could have had some men go visit Bernie and his family. Let's not act like we don't know that some of the people who are trying to fight for us lives aren't at stake here. If this audit Bernie wants is like what Ron suggested then… Bernie is a dead man walking. These scum of the earth bankers don't take kindly to people who don't play along with their stupid game, Everyone who has threaten their death grip on the world's finance is dead… Assad is holding on by a thread thanks to Putin. This is chess ladies and gentlemen… not checkers.

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  5. There is the belief that money will give you more freedom, and it does in one sense, but in another more important sense, it entraps you and takes away more freedom than it gives you. You have to do things, be places and deal with people all the time, and it takes up all your life doing it. You have to dress and act and live a certain way, and that is not freedom. You are like a bird in a gilded cage. The truth is, unneeded things own you more than you own them. It forces you to do many things just to live that life.

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  6. If Bernie is legit – he'll fully back Audit the Fed passing in January. We'll see if he's a hypocrite. I hope he's not just looking for publicity trying to one up the 5 year battle Rand Paul has made to get Audit the Fed to vote on January 12th, and then don't gut the essential parts of it. PS –

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  8. Bernie: "I have no good ideas of my own, so I'll steal Ron Paul's. The very same bill he tried to pass that I helped gut."

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  9. Orange County and LA, San Bernardino, Riverside, San Diego counties own the (SECURE) database/patent/trademark shows the conflict of interest that exists within the counties who are making $$ STEALING HOMES/Private Property! The digitally recorded documents allow for theft of IRS/SS/TREASURY/FDIC laundering and identity theft creates the forgeries being used….all of this needs to shut it down and allow us to heal the (SECURE) patented database is housed in Orange County and is the reason this is not being stopped, the digital recordation "customers" are the title companies, escrow, bank, debt collectors!" READ IT! THINK (MERS) and start connecting the dots!!! When the counties OWN the Patent of a digital database that is used across the states that succer the system into believing the title is being lawfully seized, WHICH IT IS NOT, then we have to remove the veil of fraud. PUBLIC SERVANTS are running RICO/CONSPIRACY to seize private property through grand larceny and disguised as a (SECURE) transaction!! STOP THE ILLEGAL FORECLOSURES, quit allowing digital recordations that are stealing from the people. When homeowners are denied recordation of proof that the documents are forgeries and the county won't listen one has to ask "why not?", well, THINK people! The Federal Reserve is part of this too!! STOP ILLEGAL FORECLOSURES NOW! Homelessness and degradation of families are happening due to this fraud, shut it down! The Federal Depositors Insurance Corporation is not only insuring the transactions but the FDIC is essentially a computer program of crypto currencies is all on software platforms and revenues are investing with the hedgefunds/wall street! WAKE UP AND TALK ABOUT THE ELEPHANT IN THE ROOM!

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  10. so why is it that he literally gutted the "audit the fed" bill that was voted on and proposed by Ron Paul? This is a publicity stunt and this guy is a snake oil salesman, just like those before him. does it really matter who is president? honestly?

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  11. Lort nailed it ! And politics is theatre. It's designed to be a smoke and mirrors game for the real action behind the scenes. The families worth trillions of dollars. Great Great Great grandpa rothschild said it best…. "it doesn't matter what you do…. if i control the money i control it all." The "feds" are a private company spawned from the same greed group that started the European Empire long long ago. Why do people even think politics matter? Solve things by finding out and changing the power base. Follow the money.

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  12. The anti-media? The most anti-media politican that declared this idea, 20+ years ago, who is Ron Paul…why are you shining light on a sold-out democrat that has stolen someone elses idea? Can't even trust '' hahaha!!

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  13. The FED should be audited because they are digitizing money? They are manipulating interest rates.? They are influencing elections with monetary policy.
    What could we find out that is not already known? Just asking!

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