Senator Warren Calls on Fed Governor Waller to Halt Regional Bank Reform Plan

According to Bloomberg, Senator Elizabeth Warren on Wednesday called on Federal Reserve Governor Christopher Waller to stop advancing his proposal to reform the operating structure of the Federal Reserve's 12 regional branches. Warren, the top Democrat on the Senate Banking Committee, stated in her letter that the reform plan may conflict with federal law and could weaken the Fed's independence. She also suggested the proposal appears designed to appease former President Trump's efforts to gain greater control over regional bank presidents. Warren demanded that Waller immediately cease all work related to the proposal and provide Congress with additional information.
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