Courtesy of Pam Martens
Congresswoman Katie Porter
Congresswoman Katie Porter has never met an overpaid Wall Street billionaire that she couldn’t reduce to a flummoxed whimperer within a few minutes. (See video clip below of Porter and Jamie Dimon, Chairman and CEO of JPMorgan Chase, during an April 10, 2019 House hearing.)
Porter has had the Chairman of the so-called “independent” Federal Reserve in her radar since he appeared at a House Financial Services Committee hearing on February 11 of this year. At the hearing, Porter held up a photo of Fed Chair Jerome Powell in black tie outside the mansion of billionaire Jeff Bezos, CEO of Amazon. Porter said this:
“Can you imagine how attending a lavish party at Jeff Bezos’ $23 million home, along with Jared and Ivanka and the CEO of JPMorgan Chase, Jamie Dimon, might give off the sense to the public that you are not in fact immune from external pressures.”
Now Porter has taken her criticism of the Fed to a new level, with plenty of ammunition in her arsenal. In a letter to the Fed last Wednesday, Porter wrote that “using billions of taxpayer dollars to play kingmaker on Wall Street—effectively awarding billions of dollars to a handful of corporations—using a decision-making process that you have not made public, appears corrupt.”
Porter was talking about several distinct issues. First, the Fed had stated that its corporate bond buying program would not include the debt of the Wall Street banks. Nonetheless, wrote Porter, the Fed “is using billions of taxpayer dollars to purchase the debt of banks like JPMorgan Chase.” The Fed is making those purchases by buying debt-based Exchange Traded Funds (ETFs).
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