(AmericanProsperity.com) – At a hearing with Federal Reserve Chairman Jerome Powell earlier this week, Rep. Rashida Tlaib (D-MI) demanded that the Federal Reserve bail out Detroit and Puerto Rico.
Tlaib asked Powell if Detroit and Puerto Rico should be “preserved” if they can’t borrow money due to their bankruptcies and credit issues. She also stated that retirees shouldn’t lose pensions they worked their entire lives for.
In response, Powell rejected Tlaib’s position and said that the Federal Reserve is not in the business of bailing out failed cities and the Federal Reserve didn’t have the authority to do so.
In 2013, Detroit became the largest city in US history to file bankruptcy with $18 billion in debt.
In 2017, Puerto Rico filed for bankruptcy eclipsing Detroit with unpaid debts of $70 billion.
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