Republican Sen. Rick Scott and Democratic Sen. Elizabeth Warren roll out a bill that would provide the Fed with an inspector general.
Republican Sen. Rick Scott of Florida and Democratic Sen. Elizabeth Warren of Massachusetts rolled out a bill on Wednesday that would provide the Federal Reserve with a presidentially appointed and Senate-confirmed inspector general.
“Following this month’s shocking failures of Silicon Valley Bank SIVB and Signature Bank SBNY , and the Federal Reserve’s gross mismanagement and lack of oversight to prevent the situation, this bill will bring the serious changes and accountability at the Federal Reserve that [are] clearly overdue and necessary to protect American families and workers,” the two senators said in a statement.
The U.S. central bank on Wednesday raised interest rates again and signaled at least one more hike this year, but SVB’s failure also forced it to adopt a more cautious strategy despite stubbornly high inflation.Also: Fed says inflation won’t fall as quickly as expected But there is a “low probability for legislation this year,” according to Wallace, who now is head of Washington policy research and senior managing director at 22V Research.
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