h/t to The Thirds
Bernie Sanders is an independent, and a Senator from Vermont.
Sanders Says Federal Reserve Still Keeps Too Much Secret
WASHINGTON, June 10 – Senator Bernie Sanders today called “completely insufficient” a new monthly report by the Federal Reserve on aid to banks, investment firms and other financial institutions.
“Today’s report is completely insufficient. It is time for the Fed to name names. The American people have a right to know who received more than $2 trillion in loans from the Fed, how much each one received, and what they are doing with this money. This money does not belong to the Fed. It belongs to the American people,” Sanders said.
The need for greater Fed transparency is even more important since the Obama administration, in a separate action yesterday, agreed to let 10 big banks repay federal bailouts they took to help them weather the recession.
“Getting this information is even more important now that 10 banks are starting to pay back their TARP funds,” Sanders said. “Are these banks paying back TARP funds to the Treasury Department today, while receiving secret loans from the Fed tomorrow? As long as the Fed keeps this information secret, we will never know.”
Sanders, at a Senate Budget Committee hearing on March 3, asked Fed Chairman Ben Bernanke to name the hundreds of banks that took money since the financial crisis began. Bernanke refused to name any of the financial institutions…
The separate $700 billion financial rescue package that was signed into law last October requires the Treasury Department to identify recipients of bailout funds. Unlike the bailout, which Sanders opposed, Congress did not vote to directly authorize the Fed to spend any of this money.
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Hmm. Bernie Sanders and Ron Paul are on the same page. Is the the beginning of the Progressive Libertarian Alliance?
I also have another question regarding to the Democratic Socialists of America. Is it a political party or just a political organization?
Trent,
Check your email. We have one or two people who want to write here. Needs OK from you.
Bernie Sander’s bill S604 today recieved it’s first co-sponsor, conservative Senator Jim Demint from South Carolina. The most conservative Senator in the Union joined the most Liberal Senator in the Union’s bill.
This is the senate version of Ron Paul’s house bill HR 1207, which now has 222 co-sponsors, 51% of the House.
@5 I don’t think some things are so much left or right issues. Is the government working to secure the rights of the people or is it working for certain special interests? Without transparency no one knows.
First thing Bernie says that makes sense. congrats
D.R.L., agreed. The Progressive Party has been permanently split by the GP & LP. It would be counterproductive to create Milsted’s “new upper left party”, a PP equivalent. Therefore that leaves The Progressive Libertarian Alliance.
I don’t know if Bernie Sanders is a member of DSA. They definitely support him, and he has spoken at some of their conferences, but I don’t think he’s actually a member. Sanders was a member of the Liberty Union Party in the 1970s, but quit by the mid-80s.
Maybe this will give some more momentum to the non Dem/ non GOP alternative political movement: a far left leftie saying things far right activists can identify and get on board with!
Maybe this will give some more momentum to Ron Paul’s House bill seeking to audit the Fed.
Doesn’t Sanders also belong to the Democratic Socialists of America and the Liberty Union Party?
He’s also a member of the Progressive Party (although he was elected as an independent) and ran for office a bunch of times as a Socialist.
Go Bernie!