The Green Party released a statement blasting the Federal Reserve “in light of recent reports that banks including JPMorgan Chase, Goldman Sachs and Citigroup received $4.5 trillion in potentially illegal repurchase agreement loans (“repo loans”) from the Federal Reserve in the final quarter of 2019.”
“The purpose of these loans is to allow the banks to continue to pay dividends to their shareholders, continue to pay bonuses to their executives, and continue business as usual — all while everyday people continue to struggle to pay for basic needs,” reads the press release.
“The Green Party is aware of and supports the courageous journalism of Pam Martens and Russ Martens from Wall Street on Parade who have released information about emergency repo loans and other breaches of banking laws,” said Green Party Banking and Reform Committee Co-Chair Mary Sanderson. “This is a serious matter of collusion between the FED and the banks that deserves public attention.”
“Greens are calling for a sovereign money system, where all money to be issued would be authorized by the Congress, debt-free,” said Green Party Banking and Monetary Reform Committee Co-Chair Howard Switzer. “It would be a revolving fund that could issue loans at zero interest and fund infrastructure projects, green energy, small businesses, affordable housing, and student debt relief to restore economic and ecological stability.”
“A debt-free public money system will redirect the flow of wealth to the many, not just the few,” said Green Party Banking and Monetary Reform Committee Representative Steven Showen. “It can easily provide full employment needed to repair the socio-economic and ecological devastation of the current system and lift the tax burden off of working people who create the wealth.”