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Peter Morici rips Treasury, Federal Reserve amid bank failures: 'Run by amateurs'

Former International Trade Commission Chief Peter Morici joined 'Fox & Friends First' to discuss the fallout over the bank failures and what the Fed should do moving forward. 

When a crisis occurs and it becomes clear that government is not being accountable to the American people, two things have to happen. First, you have to make changes so that the crisis never happens again, and then you have to hold anyone that failed to do the right thing fully accountable. This isn’t easy, but it’s necessary if you want to truly reform anything and make it better. 

Following the last two years of failed policy from the Federal Reserve, and this month’s shocking failures of Silicon Valley Bank (SVB) and Signature Bank, it’s clear we need big change now at the Fed. That’s why I’m introducing legislation to make needed changes at our central bank and hold bad actors at the banks accountable. I will fight like hell to protect American families and workers so the only winners here aren’t woke big tech billionaires and Wall Street.

Federal Reserve Chairman Jerome Powell testifies during a House Financial Services Committee hearing on Capitol Hill on Sept. 30, 2021. (Sarah Silbiger/Pool Photo via AP, File)