The Fed's report also laid blame at the feet of Congress for passing legislation to weaken bank rules--an agenda that Chair Powell eagerly embraced.

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

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.

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

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.

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

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…

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

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.'

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

I warned about in 2018 when I opposed Powell's nomination as Fed Chair and again in 2021 when I said that he was a dangerous man to keep at the Fed.

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.

Do you think that creates a conflict of interest?

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

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

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

I have introduced a bill to repeal Title IV of S. 2155, which would undo the Fed's deregulation of the biggest banks.

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

I warned about in 2018 when I opposed Powell's nomination as Fed Chair and again in 2021 when I said that he was a dangerous man to keep at the Fed.

Senator Rick Scott and I introduced a bipartisan bill today that would prohibit big bankers from serving as Reserve bank directors.

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

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

Okay, so hard to enforce the law if you can't figure out who is on the other end of this, so the way this gets so tangled up is that private equity and REIT owners set up these complex legal arrangements to avoid transparency and to try to…