Monday, October 24, 2011

Conflicts At The Fed

Bernie Sanders press release recounts how the Government Accountability Office has found conflicts of interest at the Federal Reserve.

GAO Finds Serious Conflicts at the Fed
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 found the conflicts of interest at the Fed when they looked into a small part of the Fed. Ron Paul's bill to allow the GAO to conduct a full and complete audit of the Federal Reserve should be signed into law.