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Senator Ossoff Drops a Bombshell: “The 12 or 13 Largest Banks” Got the Trillions from the Fed’s Repo Loans Last Year

Courtesy of Pam Martens

Senator Jon Ossoff, Democrat of Georgia

Senator Jon Ossoff, Democrat of Georgia

The new, 34-year old Democratic Senator from Georgia, Jon Ossoff, let a very big cat out of the bag at yesterday’s Senate Banking hearing. For at least a year, from September 17, 2019 through at least September 30, 2020, the New York Fed, acting as an agent for the Federal Reserve, doled out a cumulative $9 trillion or more in repo loans. The Fed would say only that the money was going to some of its 24 Primary Dealers on Wall Street, without naming any specific bank receiving the money. In June of 2020, the New York Fed abruptly stopped reporting the dollar amounts it was pumping out each day. (See Watchdog Report: Fed’s Billions in Emergency Repo Loans to Wall Street Didn’t Go Away in June; They Just Went Dark.)

The emergency repo loans by the Fed began months before there was any case of COVID-19 reported anywhere in the world.

It would now appear that the Senate Banking Committee knows where that money actually went. As a new member of that Committee, Senator Ossoff would be entitled to access that information.

The purpose of yesterday’s Senate hearing was to confirm two of President Joe Biden’s watchdog nominees – Gary Gensler for Securities and Exchange Commission Chair and Rohit Chopra for Director of the Consumer Financial Protection Bureau. Ossoff revealed the previously undisclosed information in this exchange with Chopra:

Ossoff: “Mr. Chopra, the largest investment banks are very heavily subsidized. And many would argue these massive financial institutions are dominant not because they’re efficient at capital allocation or risk management or because they offer the best products to consumers, but instead because they receive trillions in government bailouts, low interest loans, and quantitative easing. Do you agree with this assessment and is this in your view a form of regulatory capture?”

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