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

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

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

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.

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

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.

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

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

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

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

What it does is create a system that was in place under Dodd-Frank, that for a bank to grow above $50 billion, or above $100 billion, they knew that there would be significant regulatory and supervisory costs.

The Fed's own report on the SVB failure identified problems high and low.

To restore public confidence in the Fed, we need a strong, Senate-confirmed inspector general to conduct rigorous, independent oversight.

I absolutely agree that 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.

difficulty in attracting quality candidates for the position

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.'

The Fed touches the lives of nearly every family in America, from influencing whether or not they can afford to buy a home...

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

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.

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

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

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

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