Senators Rick Scott and Elizabeth Warren proposed laws on May 6 aimed at changing the selection process for the Federal Reserve’s inspector general. The proposed bill will have the inspector general nominated by the President and confirmed by the Senate.
The senators expressed that a selection by the Federal Reserve chair leads to conflicts of interest, as it allows an overseer to select their overseer, which is problematic considering the ethics and accountability issues.
The call for reform follows the resignation of the previous inspector general, Mark Bialek, amid criticism for insufficient accountability in the Federal Reserve. The legislation aims to ensure more oversight and integrity in the role.
Leave a Reply