A political odd couple has joined together to demand action in the wake of recent banking collapses.
U.S. Sens. Rick Scott and Senator Elizabeth Warren this week introduced bipartisan legislation to require 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.
Following this month’s shocking failures of Silicon Valley Bank (SVB) and Signature Bank, and the Federal Reserve’s gross mismanagement and lack of oversight to prevent the situation, this bill will bring the serious changes and accountability at the Federal Reserve that is clearly overdue and necessary to protect American families and workers.
Senator Scott previewed this legislation in an op-ed for Fox News and a letter Monday to Jerome Powell, Chair of the Board of Governors of the Federal Reserve System.
Warren echoed Scott’s take on the scary situation.
“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. Last year, during the largest ethics scandal in the history of the Federal Reserve System, I led a bipartisan bill to bolster accountability at the Fed and I appreciate Senator Scott’s work to advance this effort,” she said.
It is encouraging to see a Republican and Democrat team up on this serious issue. We hope they get the appointment of the inspector general they are seeking.