Sen. Bernie Sanders (I-Vt.) reiterates his view that it is a conflict of interest for JPMorgan Chase CEO Jamie Dimon to serve on the Board of Directors of the New York Fed, an organization charged with regulating Wall Street. Sanders introduced the Federal Reserve Independence Act in an effort to prevent such conflicts of interest.
“The idea that we don’t have a Fed which is sitting there with knowledgeable, intelligent people who are fighting for the middle class and working families and not just for the profits of the large financial institutions — I mean, to me, that’s just a very simple reform,” says Sanders. “But at the end of the day, if we are serious about trying to rebuild the middle class of this country, rebuild our manufacturing sector, etc., no question we need real Wall Street reform. To get Wall Street reform, we need Fed reform. To get Fed reform, we’ve got to get the bankers off of the regional Feds.”