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Vitter, Warren Team on Fed Legislation;
Bill Calls for Vote on Enforcement Actions

May 8, 2015, 4:00 AM

Sen. David Vitter (R-La.) has teamed with Sen. Elizabeth Warren (D-Mass.) on legislation that would increase transparency for Federal Reserve votes on enforcement actions of $1 million or higher.

The Fed Accountability Act also is meant to improve the regulator’s decision-making process by increasing independence of individual governors.

The two senators sit on the Banking Committee and say they also are working on legislation to further halt megabank bailouts during a crisis. Warren has been a particularly outspoken critic of big banks, pressing the Fed and other agencies to crack down on those who engaged in illegal activity during the ...

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