The Federal Reserve Board bears primary responsibility for the financial crisis on 2008. The Fed's then-Chairman Alan Greenspan did nothing to stop the housing bubble--and, in fact, encouraged it. But, the larger question is: why does the Federal Reserve Board operate in secret, with vast powers that are contrary to our basic ideas of a democracy?

The Fed is more answerable to the large banks than to our elected representatives. During the most recent crisis, the Fed flooded the financial system with trillions of dollars. As author William Greider wrote, "Who told the Fed governors they could do this? Nobody, really -- not Congress or the president. The Federal Reserve Board, alone among government agencies, does not submit its budgets to Congress for authorization and appropriation. It raises its own money, sets its own priorities."

It is time for a deep change at the Fed.

I believe we must take the following steps:

1. End the myth that the Fed should be an "independent" agency to keep "politics" out of monetary decisions. To New Yorkers and all Americans, I say--monetary policy is, in fact, a very important political decision that should be made by elected representatives, not by unelected people who are doing the bidding of banks.

By statute, the Fed's job is to promote price stability AND full employment. Unfortunately, the banks and other financial leaders do not care about full employment and, sadly, many of our political leaders rarely even utter the words full employment. Congress should have a strong hand in directing monetary policy and should reassert the goal of reaching full employment in our country.

2. Oppose any attempts to grant the Fed any additional power. I agree with William Greider's six reasons that giving the Fed more power is a very bad idea. Read those reasons here.

3. We must increase the transparency of the Fed. As a Congressman, I will become an immediate co-sponsor of Sen. Bernie Sanders bill (S 604) which calls for an audit of the Fed's operations. You can read more about Bernie Sanders' efforts here. My opponent in the race does not support Sen. Sanders' legislation.