Elizabeth Warren

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

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

What Congress did is say anything below $250 billion is wiped clean.

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.

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

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

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.

Chair Powell sold between $1 and $5 million worth of stock at the beginning of October 2020.

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

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

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

The actions of the Chair of the Federal Reserve and a Governor of the Federal Reserve were unambiguously inconsistent with the Fed's rules.

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.'

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.

Do you think that creates a conflict of interest?

Now I think it is long past time that Congress finally acts, and I have bipartisan legislation with Senator Scott to do that.

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.

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.

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

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

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

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

I urge CMS to finalize its proposed rule on ownership disclosure to ensure that consumers can make informed choices.