Warren urges Fed Governor Waller to stop advancing the Federal Reserve Bank reform plan.

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Golden Finance reported that on July 2, U.S. Democratic Senator Warren demanded that Federal Reserve Governor Waller stop his efforts to comprehensively reform the operations of the Fed's 12 regional branches. Warren stated that Waller's proposed reform plan for the Federal Reserve banks appears to be inconsistent with federal law and suggested that it could undermine the independence of the Federal Reserve. Although Waller, as chairman of the Federal Reserve Board's Reserve Bank Affairs Committee, has certain supervisory authority, the regional branches were established as highly autonomous entities that can independently control their daily operations. Warren said: "Rather than being a serious reform plan for the Federal Reserve, this is more like a carefully orchestrated move to please President Trump, who wants more power over regional bank presidents. I ask you to immediately stop advancing this plan and provide more information to Congress."
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