US Senator Warren Urges Fed Governor Waller to Halt Regional Reserve Reform Plan

Odaily News US Senator Elizabeth Warren has asked Federal Reserve Governor Christopher Waller to cease his efforts to reform the operational structure of the Fed's 12 regional banks. As the top Democrat on the Senate Banking Committee, Warren wrote to Waller on Wednesday, stating that his proposed reforms to the Federal Reserve system may conflict with federal law and hinted that they could undermine the Fed's independence.

While Waller, as chairman of the Federal Reserve Board's Committee on Reserve Bank Affairs, holds some regulatory authority, these regional banks were established with a high degree of autonomy and control over their own daily operations. "This proposal does not appear to be a serious attempt to reform the Federal Reserve system. Instead, it seems like a barely disguised move to ingratiate yourself with President Trump, who is trying to gain greater control over the presidents of the 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."