Bernie Sanders presents bill to ban bank executives from Fed board roles

Sen. Bernie Sanders (I-VT) unveiled legislation Thursday to ban bank executives from serving on Federal Reserve boards 'that regulate the banks they run.'

Sen. Bernie Sanders unveiled legislation Thursday to ban bank executives from serving on Federal Reserve boards"that regulate the banks they run."

Sander's legislation, the Federal Reserve Independence Act, also imposes restrictions on Fed employees and board members from owning stock in institutions"that the central bank is in charge of regulating." Scrutiny over the Fed and banking sector broadly intensified following the SVB collapse. SVB faltered after it spooked depositors by announcing a $1.8 billion loss and plans to raise capital. The company was taken over by regulators on March 10 and later filed for bankruptcy.

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