New Consensus co-founder discusses proposal for Biden to use Fed to sidestep Congress

Left-wing think tank New Consensus co-founder Demond Drummer discussed his proposal for President-elect Joe BidenJoe BidenThe West needs a more collaborative approach to Taiwan Abbott's medical advisers were not all consulted before he lifted Texas mask mandate House approves George Floyd Justice in Policing Act MORE’s administration to use the Federal Reserve to sidestep Congress to “build back better.”

New Consensus’s proposal revolves around the Biden administration using the Fed, which he labels as “one of the most underutilized and most misunderstood tools in our American system,” as the country’s bank to lend money to institutions, including businesses, that need it.

“The Federal Reserve is America's development bank, so we should use it to develop America,” Drummer said, adding “The Federal Reserve Act really empowers the Federal Reserve system to do anything that it takes to rebuild and stabilize our economy."

“No matter what happens in Georgia whether or not ... future President Biden has a cooperative Senate, there is nothing stopping the Biden-Harris administration from financing its agenda to build back better,” he continued, referring to the runoff Senate elections in the Peach State, which will determine who controls the upper chamber.

New Consensus is led by Drummer, Rep. Alexandria Ocasio-CortezAlexandria Ocasio-CortezBipartisan bill would ban lawmakers from buying, selling stocks The Hill's Morning Report - Presented by Facebook - J&J vax rollout today; third woman accuses Cuomo 'Lucky': Inside Ocasio-Cortez's endorsement of Sanders MORE’s (D-N.Y.) former chief of staff Saikat Chakrabarti and Justice Democrats’ co-founder Zack Exley.