U.S. senators announce bipartisan push to change how Fed watchdog selected

Senators re-up bill requiring independent Fed IG

Sens. Elizabeth Warren, D-MA, and Rick Scott, R-FL, faulted recently retired Fed IG Mark Bialek for failing to address central bank “corruption,” underscoring the need for “structural changes” to the role.

Florida Sen. Scott, Massachusetts Sen. Warren Introduce Bill For Independent Fed, CFPB Watchdog

Senators Rick Scott (R-FL) and Elizabeth Warren (D-MA) Tuesday introduced bipartisan legislation to increase accountability and independence at two key financial regulatory bodies: the Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau (CFPB). The proposed bill would require the Inspector General (IG) for both the Federal Reserve Board and […] Florida Sen. Scott, Massachusetts Sen. Warren Introduce Bill…

U.S. senators announce bipartisan push to change how Fed watchdog selected

By Michael S. Derby (Reuters) – Two senators announced legislation on Tuesday that would change how the Federal Reserve’s in-house watchdog is selected. In a press release Senator Rick Scott, a Republican, and Senator Elizabeth Warren, a Democrat, said their bill would require the Federal Reserve’s inspector general, or IG, to be named by the president and confirmed by the Senate, breaking from the current practice where the watchdog is selected…

Key Senators Push Legislation Giving Fed an Independent Watchdog

Senators Rick Scott and Elizabeth Warren are pushing for an independent watchdog at the Federal Reserve to “aggressively hold” senior Fed officials accountable.

Financial Stability Requires an Independent Fed | by Simon Johnson & Erkki Liikanen - Project Syndicate

In a February executive order, the Trump administration claimed complete control over all measures by the Federal Reserve other than those concerning monetary policy. This is already a concern, because many regulatory decisions are fundamental to financial stability and therefore to the conduct of monetary policy.

Financial stability requires an independent Fed

[WASHINGTON, DC] When US President Richard Nixon appointed Arthur Burns as Federal Reserve chair in 1970, he welcomed him to the job with these words: “I respect his independence. However, I hope that, independently, he will conclude that my views are the ones that should be followed.”