After two years of failed policy from the Federal Reserve, and this month's shocking bank failures, it’s clear we need big change now at the Fed.
Former International Trade Commission Chief Peter Morici joined 'Fox & Friends First' to discuss the fallout over the bank failures and what the Fed should do moving forward.When a crisis occurs and it becomes clear that government is not being accountable to the American people, two things have to happen. First, you have to make changes so that the crisis never happens again, and then you have to hold anyone that failed to do the right thing fully accountable.
Treasury Secretary Janet Yellen testifies during the Senate Finance Committee hearing on Thursday, March 16, 2023. We cannot repeat 2008, where the Federal Reserve fails to do its job, no one at the Fed is held accountable, no changes are made there, and the rich and Wall Street get richer while working families struggle.Of course, forcing more accountability at the Fed is only one piece of fixing this disaster. Banks need to be held accountable too.
President Joe Biden speaks with reporters before departing from the South Lawn of the White House on Marine One on March 17, 2023.for it with higher fees, but that’s just a pass through to bank customers. No one believes that. Everyone in Washington and on Wall Street is expecting you to pay for it, again. I say no. No more"free lunches" for the banks while the American people continue to foot the bill and suffer the consequences of failures they had no fault in.
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