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

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.

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

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.

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

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.

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

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.

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

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

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

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

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

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

Okay, so it is really important that taxpayer funds be protected. I appreciate your work on that, but of course, the main thing, too, is we want to make sure that patients have a safe, healthy place to live.

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

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

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 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.

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

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

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

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.