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US Senator Bernie Sanders, independent from Vermont, is known for his straightforward and unbiased positions.
His new legislative proposal is to break up big banks that are deemed "too big to fail." To quote Mr. Sanders: "if an institution is too big to fail, it is too big to exist. We should break them up so they are no longer in a position to bring down our entire economy."
Continue reading Senator Sanders proposes legislation to break up large banks
What exactly is the Fed appealing? On August 24, Loretta Preska, Chief U.S. District judge, ruled that the Fed must disclose the identities of borrowers in 11 lending programs amounting to $2 trillion dollars.
In its motion, the Fed argued that "The immediate release of these documents will destroy the board's claims of exemption and right of appellate review."
The Fed's statement went on to say that "the Fed's ability to effectively manage the current, and any future, financial crisis would be impaired." It said "significant harm" could befall the U.S. economy as well.
Continue reading Fed appeals Court's decision to release details of $2 trillion dollar bailouts
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