Matt Stoller criticizes the power of the Federal Reserve

Matt Stoller, the research director at the American Economic Liberties Project, criticized the power of the Federal Reserve on Tuesday, saying “we the people” should be running the central bank.

Stoller told Hill.TV that the Fed is one of the institutions that “took power” when "democratic bodies" decided to pass responsibility to the “technocrats.” 

“When we decided we don’t want to run things through our legislatures and our democratic bodies, our city councils, we’re gonna let the technocrats do it,” Stoller said.

“What we really need to recognize is that we the people should be running the Federal Reserve,” he said, adding that “we should be running these institutions based on our needs.”

He said entrenched technocrats “just kind of tell us ‘Oh, let the experts handle it’” and the American people view them as people who “know what they’re doing.” 

“That’s really a function not of them being malevolent, but of us choosing to defer to technocrats, to experts and not recapturing that feeling and that sense that policy over corporate and financial powers should be at the center of our politics,” he said.

Stoller also noted that all of the Federal Reserve board members are multimillionaires.