The Federal Reserve stokes inequality, says Christopher Leonard, author of the new book “The Lords of Easy Money.”
The statement came after Sen. Elizabeth Warren prodded the Federal Reserve leader on the issue.
It was recently revealed that Fed Vice Chair Richard Clarida sold investment fund shares just as the market crashed.
Workers don’t set prices, bosses do. And they do so on the basis of maintaining the greatest possible profit margins.
Progressive advocates and lawmakers have warned that Powell is soft on Wall Street and climate issues.
The agency is floundering after reports unveiled huge stock trades by top officials in the agency over the pandemic.
The sale came on the first day of October 2020, which was among the worst months of the pandemic for the stock market.
Directly before pandemic policy changes were announced, the Fed’s vice chair made stock trades worth up to $5 million.
Federal regulators haven’t formally rejected a bank merger in 15 years.
Climate justice activists are intensifying their push for President Biden to appoint a climate leader to head the Fed.