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

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.

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

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 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.

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.

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

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

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