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Warren Urges Fed Governor Waller to Halt Federal Reserve Bank Reform Efforts

On July 2, U.S. Democratic Senator Elizabeth Warren called on Federal Reserve Governor Christopher Waller to stop his efforts for a comprehensive reform of the operations of the 12 regional Federal Reserve Banks. Warren stated that Waller's proposed reform plan appears to be inconsistent with federal law and suggested that it could undermine the independence of the Federal Reserve. Although Waller, as chair of the Federal Reserve Board's Reserve Bank Affairs Committee, has some oversight authority, the regional banks were established as highly autonomous entities that can independently control their daily operations. Warren said, 'Rather than being a serious reform proposal for the Federal Reserve, it seems more like a carefully orchestrated plan to please President Trump, who seeks more power over the regional bank presidents. I urge you to immediately halt the advancement of this proposal and provide more information to Congress.'

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