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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 — who had already supported such a proposal last year — endorsed Scott’s bill.
“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 said in Wednesday’s statement.
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