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Four years after the financial crisis, and two years after “financial reform,” top bank executives are still allowed to serve on the boards of regional Federal Reserve banks—institutions that are partially responsible for regulating the financial industry. People like Jamie Dimon, the JP Morgan Chase CEO whose term at the New York Fed just ended, have influence over whether banks get bailed out by taxpayers when they screw up. Dimon was on the New York Fed board during the 2008 financial crisis, and his bank got over $390 billion in low-interest emergency bailout loans from the Fed.
If liberal Senator Bernie Sanders (I-Vt.) has his way, all that may soon change.
Sanders announced Wednesday that he will reintroduce legislation to forbid financial industry executives like Dimon from sitting on any of the 12 regional Fed boards of directors.
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