Wall Street owns Washington DC – figuratively speaking. In literal terms, the largest banks in the nation own the Federal Reserve. They also bought and paid for a great number of DC politicians as evidenced by campaign contributions, Congressional voting records and sham oversight.

This was on full display at last week’s Committee on Financial Services hearing. “The Honorable Randal Quarles,” Vice Chairman of Supervision at the Fed, was among three people called to report for purposes of “oversight.” A memo outlining the topics of discussion was published by the committee.

The discussion ranged from a proposed rule change which would allow individuals with “certain minor criminal offenses” to get a job at a bank to foster “Diversity in Banking.” Virtue signaling Congresspeople would arbitrarily like to see more women and minorities running banks.

They should worry more about the overrepresentation of sociopaths in boardrooms and executive suites. Among other things, they should ask the “Honorable” Mr. Quarles exactly why the Fed is once again shoveling hundreds of billions of dollars into banks via the repo market. This latest swindle isn’t anywhere on the committee’s agenda.

Committee members should be embarrassed, but we doubt they are. The financial press isn’t really covering the story, and most Americans don’t mind.

Americans are left to guess about the purpose of the program. Fed officials were lying when they characterized the program as very temporary and designed to address a routine cash crunch at the end of the third quarter.

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