The Federal Reserve System—also known as the Federal Reserve or simply the Fed—is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act in response to a series of financial panics (particularly the panic of 1907) that showed the need for central control of the monetary system if crises are to be avoided. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s led to the expansion of the roles and responsibilities of the Federal Reserve System.
We must rein in the powers of this independent board and open its policies and operations to much greater outside scrutiny by at minimum, regular independent audits. I have utter disdain of Wall Street and the Federal Reserve’s coziness with the top executives of major banks and financial institutions that had to be bailed out by the Fed and the Treasury Department during the 2008 financial crisis.
Almost every one of the banks is bigger today than they were at the time of the crisis, and If any were to fail again, taxpayers could be on the hook for another bailout, perhaps a larger one this time. To rein in Wall Street, we should begin by reforming the Federal Reserve, which oversees financial institutions and which uses monetary policy to maintain price stability and full employment. Unfortunately, an institution that was created to serve all Americans has been hijacked by the very bankers it regulates.
The sad reality is that the Federal Reserve doesn’t regulate Wall Street. Wall Street regulates the Fed. It’s time to make banking work for the productive economy and for all Americans, not just a handful of wealthy speculators.
Far too much of the Fed’s business is conducted in secret. Along with Senator Bernie Sanders and former Congressman Ron Paul, I call for the public release of full and un-redacted transcripts of the Federal Open Market Committee, the chief policy-making group, within six months, instead of the customary five years. I believe, if we had made this reform in 2004, the American people would have learned about the housing bubble well in advance of the financial crisis. I also favor requiring a full, annual audit of the Fed’s operations by the Government.
My opponent, Mimi Walters, has done nothing for our district or our nation for that matter to help reverse this dangerous trend. She has been in US Congress and California Senate and Assembly for more than a decade overseeing the takeover of our beloved country by these special interests. Government can grow bigger, as long as it is helping her special interest campaign contributors. Once more, she is not working for WE the People. Instead, she is working for her Wall Street and Billionaire Class campaign contributors. See which industries are Walters' largest contributors here!
Walters’ Voting/Support Record:
- YES on bigger government for her special interests campaign contributors
- YES on protecting subsidies and tax-breaks granted to large businesses
- NO on ending oil subsidies and ending tax-breaks for large businesses
- NOT standing up for WE the People
Varasteh’s Congressional Pledge:
- Restore WE the People’s government back to her rightful owners
- Election finance reform/Money out of politics
- Keep corporations and unions out of elections
- Lobbyist transparency
- Bill transparency
- Leaner government by eliminating earmarks, loopholes, and subsidies
- Protect whistleblowers
- Reform subsidies and tax-breaks granted to large businesses
- Reform regulations that choke small and medium businesses from starting and growing
- Standing up for WE the People
- Not for sale