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.

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…

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.

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.

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.

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.'

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

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

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.

I am 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.