With President Joe Biden using the Federal Reserve’s vast control over American companies to push a radical leftist agenda, outgoing U.S. Senate Banking Committee Ranking Member Pat Toomey, R-Pa., introduced the Federal Reserve Accountability Act to increase accountability, address left-leaning political activism and ensure greater geographic and professional diversity within the Federal Reserve System.
Toomey sponsored the bill in response to Federal Reserve banks openly lobbying for political legislation and using their powers to push “social justice” initiatives and “Environmental, Social and Governance” rules on investments, which require companies to move investor’s money into leftist political causes instead of companies that create profit.
“Despite their narrow and nonpartisan statutory mandates, the Fed and regional Fed banks have increasingly inserted themselves into politically-charged issues like global warming and social justice,” said Senator Pat Toomey.
“Congress has a responsibility to ensure the Fed does not become a political actor. This legislation will further that important goal by reforming the Fed to make it more accountable to Congress and the American people.”
Toomey is not the only one who’s noticed the Federal Reserve has become a left-wing dictator and political lobbyist under Biden.
In a statement announcing the legislation, Toomey notes:
In the past two years, independent economists and academics have also raised concerns about the activities of the Fed, including the Fed regional banks.
* On June 17, 2021, 42 independent economists published an open letter expressing their concern about the Fed’s “growing interventions in non-economic-policy areas have no basis in central-banking best practices.”
* On April 5, 2022, the Mercatus Center at George Mason University published a report titled “Mission Critical or Mission Creep? The Research Function of the Federal Reserve Banks,” which found that:
* The Fed regional banks’ research staffs have increasingly engaged in research on activist topics (i.e., inequality, climate, race, and gender).
* More than one-fifth of all Fed regional bank papers were coded as activist in 2021, versus between four and eight percent each year from 2006 through 2013.
* The regional Fed banks that were singled out by the Banking Committee for their mission creep—San Francisco, Boston, Atlanta, and Minneapolis—are among the banks that publish the most on activist topics.
* Increasingly activist research agendas could pose problems if the public comes to view the regional Fed banks’ research as controversial or designed to influence public opinion on politically charged topics.
* Activist research agendas risk politicizing the Fed, which values its reputation as a politically independent, technocratic institution.
The bill’s cosponsors are senators Kevin Cramer, R-N.D., Mike Lee, R-Utah, Cynthia Lummis, R-Wyo., Thom Tillis, R-N.C., Bill Hagerty, R-Tenn., and Ted Cruz, R-Texas.
The opinions expressed in this article are those of the author and do not necessarily reflect the positions of American Liberty News.
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I don’t ever remember the Federal Reserve NOT pushing a leftist agenda.
It is part of the Fed’s mandate. Full employment and stable prices. Full employment is not part of the Right Wing agenda ostensibly because Full employment would put Labor in control of the labor market enabling them to demand higher wages and more benefits. The Right wants less than full employment so that if wage demands can be curtailed by replacing the worker for less money.
Every time you learn something new about your democrat party government you learn that they are going communist, that you are losing your freedom, so as the schools pump out more and more indoctrinated citizens you can kiss the USA goodbye!
Its not an agenda, its thievery and nothing less…..
Defund If possible
That’d be best. We could eliminate the Federal Reserve entirely by repealing the 16th Amendment on income taxes, adding a fixed rate tax, and adding a Balanced Budget Amendment thereby reducing the IRS to bookkeeping, and returning the printing of REAL money to the government.
However, the last President that tried to really rein in the Federal Reserve was JFK. Look what happened to him.
The FED has NO business in POLITICS! . . . THANK YOU for reminding “Beijing Joe” Biden that. Keep that LAWLESS so called “president” (?!?) in CHECK.
When they push too far the second paragraph of the Declaration of Independence will be activated.
They pushed too far sometime early in the 1930s. The Founders knew from history the dangers of centralized government, and sought mightily through the Constitution to limit the power of the federal government. The major power was to be vested in the states or the people. Needless to say, the federal government long ago outstripped it’s constitutional authority. Thus is is no longer legitimate.
I assume you are talking about the paragraph that contains this, “whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government.” Where do we sign up?
Now is time the Federal Marshals need to arrest this vile traitor stop anymore damage he and his corrupt administration have done and all that are involved in the destruction of America millionaires billionaires, that are paying for the destruction, cease all assets and property, start with biden obama, soros, gates, bloomberg, buffet, and many others
I hope that the newly elected Congressional majority remember why we voted for them and start to work on fixing all the damage the Biden Administration and the Democraps in Congress have forced upon us for the past few years. Republicans KEDEP YOUR PROMISES!!!!!!!!!!