Warren, Vitter file Federal Reserve accountability bill
May. 07, 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.