Sen. Bernie Sanders (I-Vt.) today introduced legislation that would ban bankers from sitting on the boards of directors for 12 regional Federal Reserve Banks that regulate the financial industry.

Co-sponsored by Sens. Barbara Boxer (D-Calif.) and Mark Begich (D-Alaska), the bill also would end the practice of letting bankers have a say in the selection of the Fed directors that regulate them. A companion measure was introduced in the House by Rep. Peter DeFazio (D-Ore.).