- Associated Press - Thursday, May 7, 2015

BOSTON (AP) - U.S. Sens. Elizabeth Warren and David Vitter are pushing legislation aimed at making the Federal Reserve more accountable.

The Massachusetts Democrat and Louisiana Republican say their measure will improve the Fed’s decision-making process by increasing the independence of the agency’s board of governors and bringing transparency to votes on enforcement actions over $1 million.

Warren called the Fed the nation’s “first line of defense against another financial crisis.”

The bill would allow each board member to hire their own staff to give them greater autonomy to conduct their own research.

The legislation would also require a publicly recorded vote by board members on any enforcement action that includes $1 million or more in payments.

The two Senate Banking Committee members also want to end crisis bailouts of big banks.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide