Political and Legislative

Sen. Bernie Sanders Introduces Bill to Block Bank Executives from Serving on Fed Boards

Sen. Bernie Sanders (I-Vt.) introduced legislation on Thursday to prohibit bank executives from serving on the boards of regional Federal Reserve banks tasked with supervising their firm.

Lawmakers have expressed outrage that former Silicon Valley Bank CEO Gregory Becker served on the board of directors at the San Francisco Federal Reserve, which failed to address the bank’s issues prior to its collapse.

“It is clear to me and to the American people, that the CEOs of the largest banks in America should not be allowed to serve as directors of the main agency we have in this country in charge of regulating those very same financial institutions,” Sanders said in a statement.

Read the source article at thehill.com

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