Bernie Sanders and The Fed

Bernie Sanders, in case you haven’t heard, is a U.S. Senator from Vermont and a candidate for the Democratic nomination for President of the U.S. for the 2016 elections. His position is left of left, and his statements usually make some sense, but not always. For instance, his recent Op-Ed in The New York Times is a complaint about The Fed, by which I think he means the Board of Governors of the Federal Reserve System. His complaint is that there are bankers on the board.

Senator Sanders should know that the Federal Reserve System is a conglomerate of banks. It’s the nation’s central banking system. The board has to have bankers on it. His complaint is that the board includes executives of the very banks the board is supposed to be regulating.

The fix is not to take bankers off the board of a banking system. It’s to get rid of the absurdity of a system of banks supervising other banks.

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