![]() ![]() “Your letter failed to make an effective case against our legislation and was not a wise use of taxpayer dollars.” “Both the tone and content of your letter were disturbing: you provided a misleading series of arguments and misrepresented your own success as Inspector General in what ultimately appeared to be a self-preservation effort to retain your current position and your salary of over $350,000 annually,” wrote the lawmakers. Bialek wrote to Senators Warren and Scott raising concerns about their proposed IG reform legislation introduced in March 2023, arguing that despite being appointed and subject to removal by the Federal Reserve Chair, he has adequate independence and that making the Fed IG role a presidentially appointed, Senate-confirmed position would prevent qualified candidates from applying for the position. The Senators’ new legislation would prohibit executives from large banks from serving on Reserve Bank boards of directors, require the Board of Governors and Reserve Banks to disclose more information about the Reserve Bank president and director selection processes, and subject Reserve Bank directors to ethics and financial conflict of interest rules. The lawmakers today also introduced another bill, the Strengthening Federal Reserve System Accountability Act, to improve the governance of the Federal Reserve System and make the Fed more transparent and accountable. 915, the Senators’ bipartisan Fed IG reform legislation. The letter was sent in response to several concerns he had raised about S. Bialek will be testifying in front of Sen.Warren at a Senate Banking Subcommittee hearing on Wednesday. Senators Elizabeth Warren (D-Mass.) and Rick Scott (R-Fla.) sent a letter to Federal Reserve (Fed) Inspector General (IG) Mark Bialek, reiterating the need to make his position a presidentially-appointed, Senate-confirmed role to provide greater accountability at the Fed. Text of Letter (PDF) | One Pager (PDF) | Bill Text (PDF) “At present, the Office of the Inspector General of the Federal Reserve does not have the full suite of tools needed to be a neutral and effective agency watchdog.” Ahead of Subcommittee Hearing, Senators Warren, Scott Criticize Failures of Fed IG, Introduce Bipartisan Legislation to Eliminate Conflicts of Interest and Promote Accountability at the Fed Senators to IG Bialek: “Your job as Inspector General is to reveal and prevent these ethics breaches from interfering with the Fed’s work and its credibility, and you have utterly failed in that regard.”
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