Senator Bernie Sanders is introducing legislation that would make it illegal for bankers to regulate themselves – and it’s so important the The Other 98% and Public Citizen are teaming up to support it.
Just last year, JPMorgan CEO Jamie Dimon announced his company’s most recent gamble had lost big: $9 billion of depositors’ money big. Right after leading a crusade against Wall Street reform in Congress that would have guarded against big banks riskiest bets. Dimon’s excuse? “We were stupid.”
But it gets worse. Much worse: when that was happening, Dimon was a member of the New York Federal Reserve Board, in charge of policing Wall Street.
Bankers who lose $9 billion in federally insured money shouldn’t be in charge of regulating themselves – and yet the law currently allows for them to do exactly that within the Federal Reserve. We need a Federal Reserve more interested in putting Americans back to work than in letting bankers elude responsibility for their actions.
join us now. – See more at: http://other98.com/bernies-right-stop-letting-bankers-regulate-themselves-at-the-fed/#sthash.vRWId3Em.dpu
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