Political Quotes

“during the 2008 financial crisis and the $700 billion bailout for giant banks, the Federal Reserve exploited another authority to shovel money out the back door and into the hands of those giant banks. For the first time ever, the Fed started paying interest on overnight funds that big financial institutions deposit with the Fed. This was a dream come true for those financial giants--no risk and lots of free money printed by the Fed. How much money? Seven hundred eighty-five billion dollars since 2008. Some of that money could have been used to pay down the national debt or fund tax cuts or whatever Congress wanted. Instead, public money went straight into the pockets of giant banks. And the Fed has a very convoluted argument about why they should be allowed to pay interest, claiming it helps them set interest rates. But no one is fooled. Before 2008, the Fed managed interest rates while paying zero on overnight funds and never had a problem. Let's call this out for what it is: another taxpayer subsidy for giant banks. If another emergency happens and the Fed needs authority to lend out money like that, make them come to Congress, and let's get a vote on it. Last year alone, the banks earned $270 billion in profits. Jamie Dimon made $39 million. Other megabanks' CEOs made at least $30 million. The banking industry does not need another subsidy from American taxpayers. This bipartisan proposal would end that subsidy. I urge a ``yes'' vote on Paul No. 3761.”