US Senator Warren sends letter to Fed Governor Waller, urging him to halt the push for regional Fed reform plans

Odaily Planet Daily News US Senator Elizabeth Warren has asked Federal Reserve Governor Christopher Waller to stop his efforts to reform the operational structure of the Fed's 12 regional banks. As the lead Democrat on the Senate Banking Committee, Warren wrote to Waller on Wednesday, noting that his proposed reform plan for the Fed system may conflict with federal law and suggested it could undermine the Fed's independence.

Although Waller, as chair of the Fed Board's Reserve Bank Operations Committee, holds certain supervisory powers, these regional banks were established with a high degree of autonomy and control over their daily operations. "This proposal does not appear to be a serious effort to reform the Fed system but rather a thinly veiled attempt to curry favor with Trump, who is seeking greater control over the presidents of regional banks," Warren wrote in the letter. "I demand that you immediately cease all work related to this proposal and provide more information to Congress."