05.12.2016

WASHINGTON – Today, Hillary Clinton took a bold step by declaring she would aim to increase diversity at the Federal Reserve and remove private bankers from the Fed's governing boards. 

Her statement came in response to a letter to Fed Chair Janet Yellen signed by more than 120 Members of Congress calling for more diversity in Fed leadership, as well as more attention to racial and economic inequities.

It also comes amid a growing chorus of criticism of the Federal Reserve led by the Fed Up coalition, which last month asked Clinton and other Presidential candidates where they stood on Fed governance and monetary policy issues, and recently joined a former Fed advisor in releasing a detailed proposal for reforming the Fed.

In response to Secretary Clinton’s statement, Ady Barkan, the campaign director of the Fed Up coalition, released the following statement:

“Secretary Clinton is exactly right: private banks should not own or govern the Federal Reserve. It should be the People’s Fed, owned by the American people and serving the public interest. Secretary Clinton did the right thing today by coming out in favor of reforming the Federal Reserve. We’re very excited that she listened to the voices of community leaders from around the country who have said that we need a Federal Reserve that reflects and represents the American people and that creates a strong economy for all.”

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www.whatrecovery.org

Fed Up is a coalition of community organizations and labor unions across the country calling on the Federal Reserve to reform its governance and adopt policies that build a strong economy for the American public. The Fed can keep interest rates low, give the economy a fair chance to recover, and prioritize genuine full employment and rising wages for all communities.

www.populardemocracy.org

The Center for Popular Democracy promotes equity, opportunity, and a dynamic democracy in partnership with innovative base-building organizations, organizing networks and alliances, and progressive unions across the country. CPD builds the strength and capacity of democratic organizations to envision and advance a pro-worker, pro-immigrant, racial justice agenda.

Press Contact:

Asya Pikovsky, apikovsky@populardemocracy.org, 207-522-2442