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Biden Is Bringing Financial Crisis Guys from the New York Fed’s Markets Group to His Administration: Should We Worry?

Courtesy of Pam Martens

Daleep Singh, Deputy National Security Advisor, at the G7 Meeting in Cornwall, England in June 2021

Daleep Singh, Deputy National Security Advisor, at the G-7 Meeting in Cornwall, England in June 2021

President Joe Biden is tapping insiders from the Federal Reserve Bank of New York for key financial posts in his administration. These insiders played key roles during the financial crash of 2008 or the repo loan crisis in the fall of 2019 or the pandemic-related financial crisis of 2020. One of them was around for all three. We’ll get to the specific names in a moment, but first some necessary background.

The Federal Reserve Board of Governors is an independent federal agency whose Board members are appointed by the President of the United States. But the 12 regional Federal Reserve banks that are part of the Federal Reserve System are owned, outright, by commercial banks, thus making these Fed banks private entities. The New York Fed stands out because it is owned by some of the largest and most dangerous mega banks on Wall Street, which also happen to be some of the largest federally-insured banks in America. This makes the New York Fed the epicenter in America of the concept, “too big to fail.”

In terms of the New York Fed’s power, consider this: according to the most recent financial data from the Federal Reserve, the 12 regional Federal Reserve Banks had a total of 647,525,381 shares of capital stock outstanding as of December 31, 2020. Of that amount, 217,599,537 of those shares were controlled by the banks that own the New York Fed. That’s more shares than controlled by the Atlanta Fed, Boston Fed, Chicago Fed, Dallas Fed, Philadelphia Fed, Kansas City Fed, Minneapolis Fed, and St. Louis Fed combined.

The largest shareowners of the New York Fed are the following five Wall Street banks: JPMorgan Chase, Citigroup, Goldman Sachs, Morgan Stanley, and Bank of New York Mellon.

The five mega banks that are the major shareowners of the New York Fed are also supervised by the New York Fed, despite participating in the election of two-thirds of its Board of Directors.


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