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.

the Fed continues to stonewall Congress, stonewall the public, on the underlying information about these trades.

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

The American people deserve accountability. That includes clawing back bonuses, and investigating you for gross negligence, malpractice, and greed.

Senator Scott and I also introduced a bill, which was included in a separate bill with Sen. Tillis, to give the Fed a true, Senate-confirmed independent Inspector General to serve as an agency watchdog.

Today's hearing was still necessary because this tragic, avoidable sequence of events demands accountability.

For any Senators who wish to ask additional questions for the record, they will be due in 10 business days, on June 1st at 5.00 p.m.

heroes will go--there are so many unsung heroes that do this work, and I am thankful to be in this field.

This is exactly the kind of deregulatory shift I warned about in 2018 when I opposed Powell's nomination as Fed Chair.

In our democratic system, bank supervisors, toiling in secrecy though they may be, must still answer to the people.

I've got an idea--a bipartisan idea that I'm introducing with Sen. Rick Scott today: get the big bankers off the Reserve Banks boards of directors.

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

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 a mistake.'

You know, particularly when you are telling me about Clarita, for example, corrected this later, yeah, he corrected it after you opened an investigation, which is just not exactly the moment that gives us all confidence.

It is past time for us to remove private bankers from this public role.

I absolutely agree that the allegations of improper trading and ethics violations are disturbing, and they are alarming.

Independence should not be conflated, however, with a total lack of accountability when the Fed and its leadership make serious mistakes.

This law severely weakened the guardrails that Congress put in place after the 2008 financial crisis.