Huffpost Politics

Fed Chair Not Sure Whether To Call U.S. An Oligarchy Or Democracy

Posted: Updated:
Print Article
Federal Reserve Board Chairwoman Janet Yellen speaks during a meeting at the Treasury Department in Washington. (Photo by Alex Wong/Getty Images)
Federal Reserve Board Chairwoman Janet Yellen speaks during a meeting at the Treasury Department in Washington. (Photo by Alex Wong/Getty Images)

Federal Reserve chair Janet Yellen said Wednesday that she doesn't know whether the U.S. political system is a democracy or an oligarchy, as a recent study concluded, but that growing inequality is an issue lawmakers should address.

During a hearing on Capitol Hill, Sen. Bernie Sanders (I-Vt.) asked Yellen about a Princeton study that found that wealthy, well-connected individuals have far more influence over national policy than the average voter.

“All of the statistics on inequality that you’ve cited are ones that greatly concern me, and I think for the same reason that you’re concerned about them, they can shape the ability of different groups to participate equally in a democracy and have great effects on social stability over time,” Yellen responded.

“I don't know what to call our system," she added. "I prefer not to give labels, but there’s no question we’ve had the trend toward growing inequality, and I personally find it a very worrisome trend that deserves the attention of policy makers."

Watch the video above.

h/t Raw Story

Also on HuffPost:

Most Iconic Photos Of Obama's First Term
of
Share
Tweet
Advertisement
Share this
close
Current Slide

Suggest a correction

Around the Web

Friday Morning News Roundup 5-9-2014

TTN May-June 2014 Outlook: From Russia with Love

Main Street Suffers the Bruce Springsteen Effect