Elizabeth Warren

Okay, so hard to enforce the law if you can't figure out who is on the other end of this.

It is our duty to ensure that they are safe, but some of these facilities are in horrendous condition due to the greed of their corporate owners, and it is families that end up paying the price.

Paramount appears to be attempting to appease the administration in order to secure merger approval.

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.

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.

I'm working on bipartisan legislation to claw back money when executives take big bonuses for blowing up their banks.

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

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

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.

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…

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

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.'

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.

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

The loosening ends up having multiplier effects, that once you loosen a little bit you lose other discipline in the system.

The tailoring rules meant that Silicon Valley Bank, for example, did not have to do a lot of incredibly important things.

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

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

The Federal Reserve must not seem and must not be supervised by itself.

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

This is not strong oversight. In fact, it is not even competent oversight.

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

Did they violate the rules? Yes, they violate the rules.

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

Then how could you say there was no evidence that anyone violated the rules? It clearly violated the rules.