U.S. Senator Rick Scott gestures as he speaks at the Conservative Political Action Conference at Gaylord National Convention Center in National Harbor, Maryland, U.S., March 2, 2023. REUTERS/Sarah SilbigerWASHINGTON, March 20 - Republican U.S. Senator Rick Scott said on Monday he will introduce legislation to create an independent inspector general to oversee the Federal Reserve, as he called the U.S.
"For too long, the Federal Reserve has used its claim of independence to thwart Congress and the American people while being unable or unwilling to properly regulate and supervise the large financial institutions under its care," Scott wrote.Scott is expected to introduce the legislation later this week, according to an aide.
Some lawmakers have singled out the San Francisco Federal Reserve Bank for criticism, among them Democratic SenatorThe San Francisco Fed was responsible for oversight of Silicon Valley Bank. The Fed was assigned an internal IG that reports directly to the Fed board, rather than a completely independent auditor, like the Pentagon or other big agencies.
Source: Law Daily Report (lawdailyreport.net)
Thought Trump deregulated some stuff that led to this.
Imagine the guy responsible and connected to the largest fraud case in the US history….wants less regulations.
Ugh
Biden should change the Trump inspector generals for all gov agencies.
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