Sen. Elizabeth Warren asked Federal Reserve Governor Christopher Waller to stop
efforts to overhaul operations at the Fed’s 12 regional Reserve Banks, saying
Waller’s proposal appears inconsistent with federal law and could undermine the
Fed’s independence. Warren noted Waller chairs the Board’s Committee on Reserve
Bank Affairs and has oversight powers, but the regional Reserve Banks are
established as highly autonomous entities that control their own daily
operations. Warren said: “This does not look like a serious Federal Reserve
reform; it looks more like a plan crafted to please President Trump, who wants
more power over regional bank presidents. I ask you to stop advancing this plan
immediately and provide more information to Congress.”
