{"id":1982704,"date":"2023-07-25T21:17:02","date_gmt":"2023-07-26T01:17:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/elizabeth-warren-and-rick-scott-team-up-against-feds-inspector-general\/"},"modified":"2023-07-25T21:18:12","modified_gmt":"2023-07-26T01:18:12","slug":"elizabeth-warren-and-rick-scott-team-up-against-feds-inspector-general","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/elizabeth-warren-and-rick-scott-team-up-against-feds-inspector-general\/","title":{"rendered":"Elizabeth Warren and Rick Scott join forces against the 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\">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%2Felizabeth-warren-and-rick-scott-team-up-against-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=1982704&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--><h2>Sens. \u2063Warren and\u200d Scott Demand\u200d Transparency from Federal Reserve Inspector General<\/h2>\n<p>Sens. Elizabeth Warren (D-MA) and Rick \u200bScott (R-FL) are\u200d taking\u200d steps to tighten oversight\u2062 on banking regulators by\u2062 demanding transparency from the Federal Reserve&#8217;s <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>. In their bipartisan effort, they introduced legislation to make the top\u200b watchdog position Senate-confirmed, arguing that the\u2064 current lack of independence compromises its effectiveness.<\/p>\n<p>To push\u200d for this change, Warren and Scott sent \u2062a letter to Federal Reserve Inspector General Mark Bialek, requesting that he disclose his salary for the past five years. They expressed concerns about potential conflicts of interest, as the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/d-c-protesters-rally-outside-of-u-s-capitol-to-pressure-lawmakers-for-bigger-stimulus-checks\/\" title=\"D.C. protesters rally outside of U.S. Capitol to pressure lawmakers for bigger stimulus checks\">inspector general&#8217;<\/a>s salary is partly based on bonuses earned \u200dby other Fed employees.<\/p>\n<blockquote>\n<p>&#8220;Because the Fed Inspector General&#8217;s salary is in part based on the bonuses earned by other Fed employees \u2014 there is a structural, \u2063financial incentive for the IG \u2063to overlook\u2062 or downplay wrongdoing by\u200b those\u2063 Fed officials,&#8221;\u200d Warren and Scott wrote\u200c in the letter.<\/p>\n<\/blockquote>\n<p>The\u200d letter also asked Bialek to provide information on the percentage of his salary tied to the average bonus component of the pay formula and whether he had investigated Fed bonuses in the past five years.<\/p>\n<p>A spokesperson for the inspector general&#8217;s office\u2063 confirmed the receipt of Warren and Scott&#8217;s letter and stated that they are currently reviewing it. They declined to comment further until the review process is complete.<\/p>\n<p>When asked about bipartisan support \u200dfor their efforts, Scott expressed confidence, highlighting the significant financial losses incurred by \u2062the Fed and the misallocation of capital caused by their actions.<\/p>\n<blockquote>\n<p>&#8220;I think there&#8217;s \u200ca lot of interest up here in reining in\u2063 what the Federal \u200dReserve is doing.\u2062 They were never set up to be <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/elizabeth-warren-and-rick-scott-team-up-against-feds-inspector-general\/\" title=\"Elizabeth Warren and Rick Scott join forces against the Fed's inspector general.\">buying \u200clong-term securities<\/a> and government-backed bonds,&#8221; Scott said. &#8220;And so\u200d I\u200d think there&#8217;s a lot of interest up here in holding them accountable.&#8221;<\/p>\n<\/blockquote>\n<p>Lawmakers from both parties \u2062have pledged to crack down\u200c on banks\u2063 and banking regulators\u200b following\u200c the recent shutdowns of Silicon Valley Bank and Signature Bank, which had a significant impact on financial markets.<\/p>\n<h3>Related Articles:<\/h3>\n<ul>\n<li><a href=\"#\">Progressive Petri Dish: \u2063Minnesota GOP Hits \u2064Reset After \u2064Recent Shellacking<\/a><\/li>\n<li><a href=\"#\">Click here to read more \u200dfrom The Washington Examiner<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Sens. Warren (D-MA) and Scott (R-FL) want the Federal Reserve&#8217;s inspector general to reveal his salary. They aim to increase oversight on banking regulators and have proposed a bill to make the watchdog&#8217;s position Senate-confirmed. They argue that the current role lacks independence.<\/p>\n","protected":false},"author":1,"featured_media":1982705,"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":[538],"tags":[],"class_list":["post-1982704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"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\/1982704","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=1982704"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1982704\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1982705"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1982704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1982704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1982704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}