Elizabeth Warren, Rick Scott Want a New Watchdog Post at the Fed After SVB
Bloomberg
Published Mar 23, 2023 03:08
(Bloomberg) -- Two senior US lawmakers are proposing bipartisan legislation to set up a new Senate-approved watchdog post at the Federal Reserve in the wake of the dramatic collapse of Silicon Valley Bank.
Republican Senator Rick Scott of Florida is pitching legislation to set up “a presidentially appointed and Senate-confirmed inspector general to the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection,” his office said in a statement Wednesday.
Democratic Senator Elizabeth Warren of Massachusetts — who had already supported such a proposal last year — endorsed Scott’s bill.
“The recent bank collapses and regulatory failures by the Fed have underscored the urgent need for a truly independent inspector general to hold Fed officials accountable for any lapses or wrongdoing,” Warren said in Wednesday’s statement.
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Written By: Bloomberg
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