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 n

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.”