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By Eric W. Dolan
Tuesday, November 29, 2011
 
Rep. Dennis Kucinich (D-OH) called for the U.S. Federal Reserve to be reformed after 
Bloomberg reported the central bank secretly loaned nearly $8 trillion to financial institutions from 2007 to 2009.
Tens of thousands of documents obtained by Bloomberg under the  Freedom of Information Act showed that banks reaped an estimated $13  billion in profits thanks to the low-interest loans. JPMorgan, Bank of  America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley  accounted for $4.8 billion of that total.
“Remember the great debate we had here over the 700 billion in TARP  funds?” he said on the House floor Tuesday. “There was no debate over  the 7.7 trillion the Fed gave the banks.”
“Did Congress have a clue?”  he continued. “There is another game going on way over our heads, and  our constituents are struggling while the banks with the help of the  Feds have captured control of our government.”
“Now the rating services are threatening us, if we don’t come up with  a deal they’ll downgrade U.S. debt. Could the threat to our national  sovereignty be any clearer?”
Kucinich has proposed legislation, called the National Emergency  Employment Defense (NEED) Act, that would incorporate the Federal  Reserve within the United States Treasury and thereby make it  accountable to Congress.
Watch video, uploaded to YouTube, below:
Eric W. Dolan
Eric W. Dolan has served as an editor for Raw Story since August 2010, and is based out of San Diego, California. He grew up in the suburbs of Chicago and received a Bachelor of Science from Bradley University. Eric is also the publisher and editor of 
PsyPost. You can follow him on Twitter 
@ewdolan.