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You are here News Economy GAO Report: Federal Reserve Is Riddled With Corruption And Conflicts Of Interest, Stephen Friedman Is Targeted

GAO Report: Federal Reserve Is Riddled With Corruption And Conflicts Of Interest, Stephen Friedman Is Targeted

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A new audit of the Federal Reserve released today detailed widespread conflicts of interest involving directors of its regional banks.

"The most powerful entity in the United States is riddled with conflicts of interest," Sen. Bernie Sanders (I-Vt.) said after reviewing the Government Accountability Office report. The study required by a Sanders Amendment to last year's Wall Street reform law examined Fed practices never before subjected to such independent, expert scrutiny.

The GAO detailed instance after instance of top executives of corporations and financial institutions using their influence as Federal Reserve directors to financially benefit their firms, and, in at least one instance, themselves.  "Clearly it is unacceptable for so few people to wield so much unchecked power," Sanders said. "Not only do they run the banks, they run the institutions that regulate the banks."

TVNL Comment: Gee, an illegal institution has conflicts of interest. The Federal Reserve is itself in conflict of the best interest of the citizens. It is a private bank that owns our money!!!!!!!! PRIVATE!!!!

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