Svmuu News: U.S. Senator Elizabeth Warren has called on Federal Reserve Board Member Christopher Waller to halt his efforts to reform Federal Reserve the operational structure of the 12 regional branches.As the top Democrat on the Senate Banking Committee, Warren wrote to Waller on Wednesday, noting that his proposed reforms to the Federal Reserve system may conflict with federal law and suggesting that they could undermine the independence of the Federal Reserve.
Although Waller holds certain regulatory authority as chair of the Federal Reserve Affairs Subcommittee of the Federal Reserve Board, these regional branches were granted a high degree of autonomy from their inception and retain control over their own day-to-day operations. ““This proposal does not appear to be a serious effort to reform the Federal Reserve system; rather, it seems like a barely veiled attempt to appease Donald Trump, which is seeking greater control over regional bank presidents,” Warren wrote in the letter. “I demand that you immediately halt all work related to this proposal and provide Congress with further information.” (Bloomberg)