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Vitter, Warren introduce bill aimed at Fed accountability

Senators Elizabeth Warren and David Vitter introduced legislation to require the Federal Reserve Board of Governors to publicly record votes on enforcement actions that include $1 million or more in payments.

By Jeanna Smialek, Christopher Condon | Updated on May 07, 2015
Sen. Elizabeth Warren, D-Mass. (AP Photo/Pablo Martinez Monsivais)

(Bloomberg) — Senators Elizabeth Warren and David Vitter introduced legislation to require the Federal Reserve Board of Governors to publicly record votes on enforcement actions that include $1 million or more in payments.

The proposal would also give each governor his or her own staff, like those working for commissioners at the Securities and Exchange Commission and Federal Deposit Insurance Corp. Fed governors currently share a staff of researchers. The goal is to make governors more independent, according to a release the lawmakers issued on Thursday in Washington announcing their proposal.

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