by Alicia Luke, Freedom OutPost:
Rep. Rashida Tlaib, D-MI, told Jerome Powell that the Federal Reserve should bail out cities like Detroit, and Puerto Rico.
Here’s the video:
TLAIB: “My city filing for bankruptcy was devastating to so many retirees, sir. 40, 50 years they worked for the city of Detroit, saw their pensions completely diminished, gone. Do you not believe that the governments of Detroit and Puerto Rico also play a vital role that should be preserved even if a financial crisis makes it hard for them to borrow money?”
POWELL: “What I believe is that it’s not a job for the Fed. The Fed has a particular role and particular authorities, and lending to state and local governments, and supporting them when they’re in bankruptcy is not part of our mandate.”