The final draft of the Democratic Party platform was ratified on Tuesday and it represents a victory for the Center for Popular Democracy's "Fed Up" campaign, a broad-based effort to reform the Fed while building a full employment economy for all communities.
For the longest time, the banks and Wall Street investors have not only had more power over America's financial system than everyday citizens, but they have also enjoyed more power than many of the elected officials that are put in office to protect our communities from that very same problem. There has also been a lack of diversity in the Fed, which is a reflection of how often people in poor and minority communities are overlooked when it comes to financial policies.
It has been an uphill battle to remedy this, but the Democratic Party platform now has language for the first time in more than 30 years that calls for reforming the Federal Reserve:
"We will protect and defend the Federal Reserve’s independence to carry out the dual mandate assigned to it by Congress—for both full employment and low inflation—against threats from new legislation. We will also reform the Federal Reserve to make it more representative of America as a whole, and we will fight to enhance its independence by ensuring that executives of financial institutions are not allowed to serve on the boards of regional Federal Reserve banks or to select members of those boards....
"...That is why we are committed to doing everything we can to build a full-employment economy, where everyone has a job that pays enough to raise a family and live in dignity with a sense of purpose."
The inclusion of "full employment" in this document as an indicator of the economic health for America cannot be underestimated. It is the recognition that the Fed and the policies thereof should be working for all Americans, and not just those connected to the moneyed classes.
This is a small step towards building equity in our financial system, but it is one of many more to come. This work must continue so that we can have an economy free from the dominance of the big banks and one that works to serve the needs of all people.
For more info on the "Fed Up" campaign to reform the Federal Reserve and the Center for Popular Democracy, click here.