It is time to end the Fed's culture of corruption.

the Fed should have used its authority to apply stronger rules to banks with more than $100 billion in assets.

the Fed heard that message loud and clear, and then it used that message to open up and start to deregulate even further.

Welcome to the hearing of the Senate Banking, Housing, and Urban Affairs Subcommittee on Economic Policy.

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 boards of directors.

Thank you to Senator Marshall for your shared commitment to addressing the mental health and substance use crisis in the United States.

This is suspicious timing, but you did not look into this trade as part of your investigation.

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-confirmed independent inspector general to serve as an agency watchdog.

Right. OK. So this chummy little group is making a lot of policy here, and nobody else gets to see it.

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 no accountability.

The allegations of improper trading and ethics violations are disturbing, and they are alarming.

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 through.

It is to say pull back on this regulation and give a green light for massive and undiversified growth.

This is designed neglect. It is not giving the agencies the resources they need.

One of the four causes of SVB's failure, that the Fed report identifies, is the 2018 law that Republicans, with the help from some Democrats, passed.

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 by the very same banks that are regulated by the Reserve bank, and three of those people actually…

I think that the proposal from you and Senator Scott, which I have reviewed, does not go as far as I would like.

you do not get to write a law that shoves the Fed in a strictly deregulatory direction and then turn around and say, 'Gee, we wish they had not deregulated.'