.SenRickScott & SenWarren will introduce legislation to require an independent inspector general for the federalreserve and CFPB. The proposal comes after the collapse of SVB and amid concerns and questions from lawmakers about how it happened.
The proposal comes after the collapse of Silicon Valley Bank and amid a chorus of concerns and questions from lawmakers about how it happened and what can be done to prevent other bank failures. In a letter to Fed Chairman Jerome Powell, Scott blasted the Fed for an “unacceptable lack of accountability.”
While the Fed already has an inspector general, Mark Bialek, Scott and Warren contended that the role isn’t independent enough. Currently, the internal watchdog reports to the Fed board. At other big agencies, the inspector general reports to an independent auditor.“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 a statement.
The legislation would create a presidentially appointed and Senate-confirmed inspector general who would oversee the Fed and the CFPB, which was created in the aftermath of the global financial crisis. A spokesperson for the current Fed inspector general told the Washington Examiner that the inspector general already has the same independence and authority as all inspectors general to investigate the Fed board and will continue to"provide robust oversight" over the board and CFPB.
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Exclusive: Republican U.S. Senator Rick Scott, Democrat Warren unveil Fed oversight billA conservative Republican and a progressive Democrat in the U.S. Senate are introducing legislation on Wednesday to replace the Federal Reserve's internal watchdog with one appointed by the president, aiming to tighten bank supervision following the failures of Silicon Valley Bank and Signature Bank.
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US Sen Scott pushes for new Fed inspector general, slams Fed over bank regulationRepublican U.S. Senator Rick Scott said on Monday he will introduce legislation to create an independent inspector general to oversee the Federal Reserve, as he called the U.S. central bank 'unable or unwilling to properly regulate' banks in a letter to Fed Chair Jerome Powell.
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Fed's Powell faces political storm, policy minefield over SVB oversightThe Federal Reserve is expected to raise interest rates by a quarter of a percentage point on Wednesday, a decision that will land amid a brewing political storm over the U.S. central bank's oversight of collapsed Silicon Valley Bank and with the financial world hanging on the words of one man: Jerome Powell.
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House Financial Services Chair McHenry won't take Fed's word on SVB failure“The House Financial Services Committee will use its oversight authority to get to the bottom of what led to the failure of these banks,” said Rep. Patrick McHenry, head of the committee.
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SVB contagion: Australia reportedly asks banks to report on cryptoThe Australian Prudential Regulation Authority has reportedly asked banks to report daily crypto transactions amid the ongoing global banking crisis.
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Anxiety Strikes $8 Trillion Mortgage-Debt Market After SVB CollapseNow that the FDIC has taken over SVB, investors expect mortgage-backed securities to be sold off, pushing prices lower
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