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Dennis Kucinich/ November 29, 2011
Kucinich’s NEED Act Would Reclaim Monetary Authority for the People, Save Homes and Put Americans Back to Work
WASHINGTON - November 29 - Congressman Dennis Kucinich (D-OH), a longtime advocate for reform of the Federal Reserve, is sharply criticizing the Federal Reserve today after Bloomberg news reported that the Federal Reserve secretly committed nearly $8 trillion in support to American and international financial institutions during the 2008 bailout. Kucinich recorded a video for his website before going to the floor of the House of Representatives to call upon Congress to reclaim its Constitution primacy over monetary policy.
Kucinich also called threats by ratings agency to downgrade U.S. debt a threat to our national sovereignty.
“The Federal Reserve extended extraordinary support to financial institutions that crashed the economy with reckless speculation, and on that support many of the firms made billions in profit and paid obscene bonuses. The Fed asked for nothing from these firms in return and that is because the Federal Reserve works first and foremost for the welfare of private financial institutions, not the American economy.
“The message that emerges from these revelations for Americans who have lost their jobs, lost their homes, or watched their retirement nest eggs disappear is that we have unlimited resources available for the banks, but nothing for the American people,” Kucinich stated.
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