Thursday, May 12, 2016

Al Sharpton and Donna Brazile on the Federal Reserve Board?

More than a hundred Democratic party lawmakers have written to Federal Reserve chair Janet Yellen complaining of a lack of diversity within the central bank system and a leadership that is “overwhelmingly and disproportionately white and male”.

The letter, signed by 11 senators and 116 representatives, calls on the Fed to do more to ensure its senior ranks reflect the country’s make-up in terms of gender, race and ethnicity, economic background and occupation. It also demands that the Fed place greater priority on securing full employment for minorities as it pursues its economic goals.

The signatories include serious interventionists Senator Elizabeth Warren of Massachusetts and Senator Bernie Sanders from Vermont

The full letter is here.

(vai FT)


  1. According to

    What does it mean that the Federal Reserve is "independent within the government"?

    The Federal Reserve, like many other central banks, is an independent government agency but also one that is ultimately accountable to the public and the Congress. The Congress established maximum employment and stable prices as the key macroeconomic objectives for the Federal Reserve in its conduct of monetary policy. The Congress also structured the Federal Reserve to ensure that its monetary policy decisions focus on achieving these long-run goals and do not become subject to political pressures that could lead to undesirable outcomes. So, members of the Board of Governors are appointed for staggered 14-year terms and the Chairman of the Board is appointed for a four-year term. Elected officials and members of the Administration are not allowed to serve on the Board.

    The Federal Reserve does not receive funding through the congressional budgetary process. The Fed's income comes primarily from the interest on government securities that it has acquired through open market operations. Other sources of income are the interest on foreign currency investments held by the Federal Reserve System; fees received for services provided to depository institutions, such as check clearing, funds transfers, and automated clearinghouse operations; and interest on loans to depository institutions. After paying its expenses, the Federal Reserve turns the rest of its earnings over to the U.S. Treasury.

  2. They're correct. Minorities should have equal rights to destroy our economic system and get wealthy at taxpayer expense.

  3. Minorities (well, one of them) already run the Federal Reserve Board. If you are a regular white, black, or hispanic American you can't aspire to the chair of the FED.