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.

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 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.

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.'

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.

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

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

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

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

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

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.