The actions of the Chair of the Federal Reserve and a Governor of the Federal Reserve were unambiguously inconsistent with the Fed's rules.

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

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

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

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.

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

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

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

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

It is our duty to ensure that they are safe, but some of these facilities are in horrendous condition due to the greed of their corporate owners.