Unlike 2008 and 2012 (thanks to Ron Paul), the Federal Reserve hasn’t been a hot topic throughout the 2016 election cycle. It was hardly mentioned by any of the leading Republican presidential candidates, while Hillary Clinton and Bernie Sanders were debating who was more progressive.
Released earlier this month, a draft of the Democratic Party’s platform aims to bring some changes to the United States central bank. One of them is to bring some affirmative action to the Fed by making it “more representative of America as a whole.”
Moreover, the Democrats claim they will nominate and appoint financial regulators who are not a part of the industries that they will regulate.
Here is what the draft says in relation to the Fed:
“We will reform the Federal Reserve so that it is more representative of America as a whole, and we will fight to make sure that executives at financial institutions are not allowed to serve on the boards of regional Federal Reserve Banks or select its members.”
This proposed reform was first presented back in May in a letter, which included certain politicians wanting diversity at the Fed (SEE: Ugh: Bernie Sanders, Elizabeth Warren want Federal Reserve to be more diverse).
“Given the critical linkage between monetary policy and the experiences of hardworking Americans, the importance of ensuring that such positions are filled by persons that reflect and represent the interests of our diverse country cannot be understated,” said the letter, signed by 116 members of Congress and 11 Senators.
There have also been reports and talks that the Democrats want to make the Fed a fully functional public institution. What this means is that the Hillary Clintons, the Elizabeth Warrens and the Bernie Sanders of the world would determine important elements like interest rates and money supply.
Dems now debating whether to turn the Federal Reserve into a fully public institution. #RonPaul
— daveweigel (@daveweigel) July 9, 2016
Can you imagine socialists like Warren and Sanders choosing what the correct rate of interest should be? That’s truly frightening. They likely think you can print money out of thin air without any consequences. They also probably think the Fed was completely innocent of the economic collapse.
Simply put: the Democrats’ solution to solving the problem of the Fed is to replace the crazy crony bankers with crazy crony politicians.
End the Fed.
Leave a Comment