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.

capitalism without competition isn't capitalism; it's exploitation

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

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

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

the market being distorted by a lack of competition

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

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

I absolutely agree that the allegations of improper trading and ethics violations are disturbing, and they are alarming.

The Federal Reserve must not seem and must not be supervised by itself.

the loosening ends up having multiplier effects, that once you loosen a little bit you lose other discipline in the system.