Sen. Sanders: Financial Reform Should Shine Light On The Fed, Financial Institutions

Thursday, April 29, 2010 at 2:52PM
Staff in Congress, News/Commentary, chingyu Wang, transparency, wall street reform

By Chingyu Wang-Talk Radio News Service

Sen. Bernie Sanders (I-Vt.) told reporters Thursday that Wall Street reform legislation should focus on increasing transparency in the Federal Reserve, the U.S.'s central bank.

"During the bailout, the Fed lent zero interest to almost zero interest loans, trillions of dollars, to lodge financial institutions. The American people don't know who received that money," Sanders explained.

This is not the first time Sanders has touched on the need to air out the inner-workings of the Federal Reserve. In 2009, the Vermont congressman introduced the Federal Reserve Transparency Act.

Sanders added that financial institutions should also be required to amp up transparency.

"People are attempting to hide the problems that they have until the last minutes when they announce they are about the collapse," said Sanders.

"It is illegal to hide the debt that you have," Sanders added.

Article originally appeared on Talk Radio News Service: News, Politics, Media (http://www.talkradionews.com/).