On War Room, Steve Cortes calls for the replacement of the entire Federal Reserve board
Steve Bannon: “We don't need a central bank, and I think it's only proven to destroy the value of the currency and it's crushed working class people.”
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From the August 20, 2025, edition of Real America's Voice's War Room
STEVE CORTES (GUEST): Listen, I think this is even the bigger point than what the Fed should do with interest rates right now is we need accountability and transparency from the Fed. This is one of the most important institutions in American life, and yet they operate completely in the shadows, and there's almost no media scrutiny of them despite a lot of really malicious, awful, and even criminal behavior.
Again, reminder, the vice chairman of the Fed, the last vice chairman, was trading in massive amounts, front-running decisions of the Fed during the COVID panic. Now we have a sitting Fed governor who looks imminently to be indicted for mortgage fraud.
This is a thoroughly corrupt institution. It should be audited. There should be tons of scrutiny, and I think the entire board should be replaced. We need small bankers, farmers, small business owners. Enough of these corrupt academics, enough people with PhDs from MIT and Columbia University who have gotten almost everything wrong for decades. So if not eliminate the Fed, at least seriously reform the Fed.
And part of what I'm doing here in Jackson Hole is trying to encourage these media folks. It's not easy, Steve, you know that, they're stubborn as hell, but I'm trying to encourage these media folks to actually be journalists and shine a light on the Fed.
STEVE BANNON (HOST): It's not — It's not that — here's the thing, most of these reporters are all English majors. So they really don't understand it. So what — to get access and inside baseball they give them scoops, but they got to take the party line. That's why the Feds like. They call it the temple, right? It's like what happens in there is kind of, is like magic. No, it's not that.
And look, I'm an End the Fed guy. I'm an Andrew Jackson populist. We don't need a central bank, and I think it's only proven to destroy the value of the currency and it's crushed working class people. Hell, they bailed out everybody after 2008 on the working people in this country and it's in the minutes of the Federal Reserve. That's why, that's why the book Lords of Easy Money is so shocking. You actually read, oh by the way, their minutes are not available for a decade. They put them in the National Archives. You can't even read them for a decade afterward.
The thing's corrupt and incompetent. If you're corrupt and on your game, maybe you can look over the corruption, right? Like, but if you're corrupt and incompetent, it's like the French aristocracy right before the French Revolution, right? They learned nothing. The Bourbons learned nothing and they forgot nothing. That's the Federal Reserve. Steve Cortes, thank you. We'll check back in in Jackson Hole as you're out there.