Among Congress' concerns with the current system, the Senators wrote in a letter, is that the IG's compensation is now structured in such a way to create potential conflicts of interest. U.S. senators seek salary information from Fed's inspector general:
Republicans and Democrats in Congress have pledged tighter oversight of banking regulators following the collapse of Silicon Valley Bank and Signature Bank.
Some in Congress are concerned that the Federal Reserve's current inspector general is not independent enough to serve as a check on the central bank. Unlike the Pentagon and other big agencies, the Fed's internal IG, currently Mark Bialek, reports directly to the Fed board. Under the Senators' plans, the holder of the role would instead be appointed by the President and confirmed by the Senate.Among their concerns with the current system, the Senators wrote in the letter, is that the IG's compensation is now structured in such a way to create potential conflicts of interest. Specifically, they objected to having the IG's salary tied to the compensation of Fed officials who the IG is tasked with investigating.
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