{"id":1902934,"date":"2023-03-22T13:13:44","date_gmt":"2023-03-22T17:13:44","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/svb-collapse-scott-and-warren-lead-bipartisan-call-for-new-fed-watchdog\/"},"modified":"2023-03-22T13:17:13","modified_gmt":"2023-03-22T17:17:13","slug":"svb-collapse-scott-and-warren-lead-bipartisan-call-for-new-fed-watchdog","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/svb-collapse-scott-and-warren-lead-bipartisan-call-for-new-fed-watchdog\/","title":{"rendered":"SVB collapse: Scott and Warren lead bipartisan call for new Fed watchdog"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsvb-collapse-scott-and-warren-lead-bipartisan-call-for-new-fed-watchdog%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1902934&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"RichTextArticleBody-body\">\n<div class=\"Enhancement\">\n<div class=\"Enhancement-item\">\n<div id=\"Brid_79324068\" class=\"brid\" style=\"width:16; height:9;\" itemprop=\"video\" itemscope itemtype=\"http:\/\/schema.org\/VideoObject\">\n                <meta itemprop=\"name\" content=\"Economic storm clouds gather over Biden&apos;s impending reelection bid\"><br \/>\n                <meta itemprop=\"description\" content=\"President Joe Biden is attempting to prove his economic chops one week after the biggest bank collapse since 2008. But with the public already skeptical of Democrats&apos; management of the economy, Biden is poised to announce his likely reelection campaign on the back foot.\"><br \/>\n                <meta itemprop=\"duration\" content=\"PT1M27S\"><br \/>\n                <meta itemprop=\"uploadDate\" content=\"2023-03-20 14:53:17\"><br \/>\n                <meta itemprop=\"thumbnailURL\" content=\"https:\/\/cdn.brid.tv\/live\/partners\/19383\/snapshot\/1265898_th_1679323997.jpg\"><br \/>\n                <meta itemprop=\"contentUrl\" content=\"https:\/\/cdn.brid.tv\/live\/partners\/19383\/sd\/1265898.mp4\">\n            <\/div>\n<p>            <script type=\"text\/javascript\">\n                var _bp = _bp || [];\n                _bp.push({\n                    \"div\": \"Brid_79324068\",\n                    \"obj\": {\n                        \"id\": \"27789\",\n                        \"width\": \"16\",\n                        \"height\": \"9\",\n                        \"video\": \"1265898\"\n                    }\n                });\n            <\/script><br \/>\n            <script type=\"text\/javascript\" async src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script>\n        <\/div>\n<\/p><\/div>\n<p><span class=\"ArticlePage-articleBody-firstLetter\">S<\/span>enators Rick Scott (R-FL) and Elizabeth Warren (D-MA) are set to introduce a new legislation requiring an independent inspector general for the Federal Reserve and Consumer Financial Protection Bureau after the collapse of Silicon Valley Bank. <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/silicon-valley-bank-fails\" target=\"_blank\" rel=\"noopener\">In a letter<\/a> to Fed Chairman Jerome Powell, Scott criticized the Fed for a lack of accountability.<\/p>\n<p>Currently, the Fed already has an inspector general, but Scott and Warren believe that the role isn\u2019t independent enough since the internal watchdog reports to the Fed board. At other big agencies, the inspector general reports to an independent auditor.<\/p>\n<p>The proposal aims to create a presidentially appointed and Senate-confirmed inspector general who would oversee the Fed and the CFPB.<\/p>\n<p>Warren said, &#8220;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.&#8221;<\/p>\n<p>Warren and Sen. Bernie Sanders (I-VT) also sent a letter to Michael Barr, the vice chairman for supervision at the Fed, urging the central bank to crack down on large regional banks with assets between $100 billion and $250 billion.<\/p>\n<p>Despite the collapse of Silicon Valley Bank, the Federal Open Market Committee is expected to revise its key overnight rate up by 0.25 percentage points to 4.75% to 5%, which would be the highest since 2007.<\/p>\n<p><b><a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/svb-lawmakers-raise-fdic-insurance-cap\" target=\"_blank\" rel=\"noopener\">SVB COLLAPSE: INFLUENTIAL LAWMAKERS CALL TO LIFT $250,000 CAP ON FDIC DEPOSIT INSURANCE<\/a><\/b> <\/p>\n<p><b><a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noopener\">CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/a><\/b><\/p>\n<div id=\"dsk-banner-ad-g\"><\/div>\n<p><em>&#8220;The views and opinions expressed here are solely those of the author of the article and not necessarily shared or endorsed by Conservative News Daily&#8221;<\/em><\/p>\n<\/div>\n<p><\/p>\n<hr>\n<p><span style=\"font-size:11px\"><em>&#8220;The views and opinions expressed here are solely those of the author of the article and not necessarily shared or endorsed by Conservative News Daily&#8221;<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sens. Rick Scott (R-FL) and Elizabeth Warren (D-MA) will introduce legislation to require an independent inspector general for the Federal Reserve and Consumer Financial Protection Bureau. The proposal comes after the collapse of Silicon Valley Bank and amid a chorus of concerns and questions from lawmakers about how it happened and what can be done<\/p>\n","protected":false},"author":1,"featured_media":1902935,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[3667,7385,7498,6961,8063,21356,3883,6056],"class_list":["post-1902934","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-bipartisan","tag-collapse","tag-fed","tag-lead","tag-scott","tag-svb","tag-warren","tag-watchdog"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1902934","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1902934"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1902934\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1902935"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1902934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1902934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1902934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}