{"id":1981959,"date":"2023-07-25T07:54:01","date_gmt":"2023-07-25T11:54:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/exclusive-us-senators-seek-salary-information-from-feds-inspector-general\/"},"modified":"2023-07-25T07:56:15","modified_gmt":"2023-07-25T11:56:15","slug":"exclusive-us-senators-seek-salary-information-from-feds-inspector-general","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/exclusive-us-senators-seek-salary-information-from-feds-inspector-general\/","title":{"rendered":"US senators demand salary details from Fed&#8217;s inspector general."},"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\">18<\/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%2Fexclusive-us-senators-seek-salary-information-from-feds-inspector-general%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=1981959&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--><div class=\"entry-content\">\n<p><strong>Senators Push \u2062for Independence of Fed&#8217;s Watchdog<\/strong><\/p>\n<p>By David Morgan and Costas Pitas<\/p>\n<p>WASHINGTON\u200b (Reuters) \u2013 Republican Senator Rick Scott and Democrat Elizabeth Warren have asked for salary information from the Fed\u2019s Inspector General, who serves as the central bank\u2019s\u200b watchdog, \u200das they criticized the current system amid\u200d a push to \u200cmake the role independent, according to a letter seen by Reuters on Tuesday. <\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>Republicans \u200cand Democrats \u200bin Congress have pledged\u2063 tighter oversight of\u2064 banking regulators following the \u200ccollapse of Silicon Valley Bank and\u200b Signature\u2062 Bank.<\/p>\n<p>The Federal Reserve is responsible for supervising \u2013 monitoring, inspecting and examining \u2013 certain financial \u2062institutions to\u200d ensure that they\u200d comply with rules and regulations, and that they operate in a safe and sound manner.<\/p>\n<p>Some in Congress are concerned \u2064that the Federal Reserve\u2019s current <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/flashback-former-ag-barr-initiated-spying-program-on-americans-back-in-1992\/\" title=\"FLASHBACK: Former AG Barr Initiated Spying Program on Americans Back in 1992\">inspector general<\/a> \u2064is not independent enough to serve as a \u2063check on the central\u200c bank. Unlike the Pentagon and other big\u2062 agencies, the Fed\u2019s internal IG, currently Mark Bialek, reports directly to the Fed \u200dboard. <\/p>\n<p>Under the Senators\u2019 \u2062plans, the holder of the role would instead be appointed by the President and confirmed \u2062by the \u2064Senate.<\/p>\n<p>Among\u200b their\u200d concerns with the\u200c current system, the Senators wrote \u200bin the letter, is that\u2064 the IG\u2019s compensation is now \u2064structured \u200cin such a\u200b way\u2063 to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/illinois-might-mandate-teachers-to-embrace-progressive-viewpoints\/\" title=\"Illinois Might Mandate Teachers To \u2018Embrace\u2019 Progressive Viewpoints\">create potential conflicts<\/a> of \u2063interest. Specifically, they\u2064 objected \u2064to having the IG\u2019s salary tied to the compensation of Fed officials who the \u200cIG \u2062is tasked with investigating.<\/p>\n<p>\u201c\u2026Because the Fed Inspector General\u2019s \u2062salary \u2063is \u200bin \u200dpart \u2064based on the bonuses earned\u200d by other\u2063 Fed employees\u2026 there is\u200b a structural, financial incentive \u200dfor\u200d the IG \u2063to overlook or downplay wrongdoing by those Fed officials,\u201d \u2063Warren and\u200d Scott \u2064wrote in a \u200cletter to Bialek dated July\u200b 24,\u200b citing\u200b his previous \u2064testimony.  <\/p>\n<p>\u201cThese types of \u200dconflicts are\u200b why\u2064 we \u2062have introduced legislation\u2026\u201d <\/p>\n<p>They detailed five questions in\u200b their letter, including\u200c what salary Bialek had\u2062 received over the last five \u2063full calendar years, what\u200b percentage of his salary was based on the\u200b <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/exclusive-us-senators-seek-salary-information-from-feds-inspector-general\/\" title=\"US senators demand salary details from Fed's inspector general.\">average\u2064 bonus component<\/a> of the pay \u200cformula and whether he had\u2064 conducted any inspections in connection with bonuses at the Fed in\u200c the last five years. <\/p>\n<p>The IG\u2019s office did\u2063 not immediately respond to \u200ca\u2063 request for\u2063 comment\u200d from Reuters. <\/p>\n<p>Bialek has <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/lincoln-project-founder-used-donor-cash-to-shore-up-shoddy-finances\/\" title=\"Lincoln Project Founder Used Donor Cash to Shore Up Shoddy Finances\">previously faced criticism<\/a> from Warren and other lawmakers for his handling of\u200b the securities trading scandal that caused two regional Fed bank presidents to\u200d step down in the fall of 2021.<\/p>\n<p>At a hearing in May 2023, Warren blasted\u2062 him for failing yet to produce\u2064 a report on a matter that tarred the Fed\u2019s reputation when it was reported nearly\u2062 two years ago.<\/p>\n<p>Bialek defended his agency\u2019s independence and ability to conduct investigations.<\/p>\n<p>\u201cNo Board Chair\u200b has resisted or objected to \u2062our\u2062 oversight work\u2064 since I have been the IG,\u201d he said\u200c at\u200c the time.<\/p>\n<\/p>\n<p>  (Reporting by David \u2062Morgan and Costas \u2064Pitas; editing by Paul Thomasch and Stephen Coates)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/exclusive-us-senators-seek-salary\/attachment\/file-photo-regulators-testify-before-a-senate-banking-hearing-about\/\"><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/exclusive-us-senators-seek-salary\/attachment\/file-photo-the-u-s-federal-reserve-building-in-washington-d-c-4\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Other News:<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Noemi Padilla<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with William \u200dJacobson<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with \u2064Benjamin Weingarten<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>(Reuters) -Logitech\u2062 International raised its sales and profit outlook for the first half of the financial year 2024 on Tuesday in its\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Victor Goury-Laffont (Reuters) \u2013 French software maker Dassault Systemes said revenue rose 5% in\u2064 the second\u200b quarter,\u2062 but \u2063shares fell to\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Elizabeth Howcroft LONDON (Reuters) -Britain\u2019s data regulator said on Tuesday it will examine\u200d Worldcoin, a project by OpenAI CEO Sam Altman\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Blake Brittain\u2063 (Reuters) \u2013 Billionaire\u200b Elon\u2063 Musk\u2019s decision to rebrand Twitter as \u200dX could be complicated legally:\u2063 companies including Meta and\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Republican Senator Rick Scott and Democrat Elizabeth Warren have requested salary details from the Fed&#8217;s Inspector General, who acts as the central bank&#8217;s watchdog. In a letter obtained by Reuters, they criticized the current system and called for the role to be made independent.<\/p>\n","protected":false},"author":66,"featured_media":1981960,"comment_status":"open","ping_status":"closed","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":[542],"tags":[],"class_list":["post-1981959","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"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\/1981959","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\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1981959"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1981959\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1981960"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1981959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1981959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1981959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}