U.S. Democratic presidential candidate and U.S. Senator Bernie Sanders arrives at REUTERS/Gretchen Ertl

U.S. Democratic presidential candidate Bernie Sanders on Tuesday said he would restructure the Federal Reserve if he is elected in November 2016.

Sanders said that the Federal Reserve, the U.S. central bank, should not pay financial institutions interest for the money they keep at the Fed and that such institutions should instead pay the Fed a fee.

Sanders also said he would bar financial industry executives from serving on the presidentially appointed Fed board.

Related: Bernie Sanders' campaign sudes Democratic National Committee


Sanders, a democratic socialist and U.S. senator from Vermont, is challenging front-runner Hillary Clinton, a former secretary of state and U.S. senator from New York, and former Maryland Governor Martin O'Malley for the Democratic nomination.

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