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

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 ...