Republican Rick Scott, Democrat Elizabeth Warren Unveil Federal Reserve Oversight Bill

Sens. Rick Scott (R-FL) and Elizabeth Warren (D-MA) unveiled bipartisan legislation to boost oversight of the Federal Reserve amid two bank failures.

The senators’ bipartisan legislation would require a presidentially-appointed and Senate-confirmed inspector general to be placed on the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection.

Currently, the inspector general for the Federal Reserve reports to the board.

The introduction of the legislation comes after two banks failed — Silicon Valley Bank and Signature Bank — earlier this month, and the senators called for more oversight over the “mismanagement” at the Federal Reserve. Scott’s press release noted that the changes in the legislation were “clearly overdue and necessary,” making the Fed more accountable to protect American families and workers.

Scott knocked the Federal Reserve for its failure to prevent the banks from failing.

“After the Federal Reserve’s failure to properly identify and prevent the shocking failures of Silicon Valley Bank and Signature Bank, it’s clear we can’t wait any longer for big change at the Fed,” Scott declared. “It’s outrageous that the Federal Reserve… does not have a truly independent inspector general to investigate it – an independent authority to fight for the transparency and accountability our citizens need.”

Additionally, Warren, a vocal critic of Federal Reserve Chair Jerome Powell and his leadership, reiterated the need for an independent inspector general.

“The recent bank collapses and regulatory failures by the Fed have underscored the urgent need for a truly independent Inspector General to hold Fed officials accountable for any lapses or wrongdoing,” Warren stated. “Last year, during the largest ethics scandal in the history of the Federal Reserve System, I led a bipartisan bill to bolster accountability at the Fed and I appreciate Senator Scott’s work to advance this effort.”

Jacob Bliss is a reporter for Breitbart News. Write to him at jbliss@breitbart.com or follow him on Twitter @JacobMBliss.