This is exactly the kind of deregulatory shift I warned about in 2018, when I opposed Powell's nomination as Fed Chair.
So it sounds like to me that this is clearly a case of the fox guarding the henhouse all the way through the system here.
What Congress did is say anything below $250 billion is wiped clean.
the tailoring rules meant that Silicon Valley Bank, for example, did not have to do a lot of incredibly important things.
Right. OK. So this chummy little group is making a lot of policy here, and nobody else gets to see it.
S. 2155 weakened the rules and the supervision for these banks like SVB and opened the deregulatory door for the Fed to drive a truck throug...
the Fed heard that message loud and clear, and then it used that message to open up and start to deregulate even further.
Senator Scott and I also introduced a bill, which was included in a separate bill with Senator Tillis, to give the Fed a true, Senate-confir...
I have got an idea, a bipartisan idea that I am introducing with Senator Rick Scott today: get the big bankers off the Federal Reserve board...
I have introduced a bill to repeal Title IV of S. 2155, which would undo the Fed's deregulation of the biggest banks.
Twenty years ago the GAO came to Congress, long before I was here, long before Senator Kennedy was here, and said, 'Change it because it is ...
The actions of the Chair of the Federal Reserve and a Governor of the Federal Reserve were unambiguously inconsistent with the Fed's rules.
Independence should not be conflated, however, with a total lack of accountability when the Fed and its leadership make serious mistakes.
This is the most severe ethics scandal in the Fed's 110-year history, yet other than a few officials taking an early retirement we have seen...
So let me just get this straight. Two-thirds of the people that oversee each of the Reserve banks, and hand-pick the leadership, are elected...
Then how could you say there was no evidence that anyone violated the rules? It clearly violated the rules.
It is to say pull back on this regulation and give a green light for massive and undiversified growth.
