Two senior U.S. lawmakers are proposing bipartisan legislation to set up a new Senate-approved watchdog post at the Federal Reserve in the wake of the dramatic collapse of Silicon Valley Bank.
Republican Senator Rick Scott of Florida is pitching legislation to set up “a presidentially appointed and Senate-confirmed inspector general to the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection,” his office said in a statement Wednesday.
Democratic Senator Elizabeth Warren of Massachusetts endorsed Scott’s bill. She had signed on to the idea as part of a separate bipartisan package she and then-Senator Pat Toomey, a Pennsylvania Republican, proposed last year.
