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Cynthia Lummis: “The Fed is an unaccountable run amok place that is not…”

Featuring: Cynthia Lummis, Republican | U.S. Senate Wyoming

JUST IN: Gary Peters Blocks Rick Scott's Bill To Change Fed Structure—Then Peters Responds

Published August 1, 2025 | Video Starts at 22:00

So I urge my colleagues on the other side of the aisle who are objecting to this measured common sense matter, for heaven's sakes, come up with a solution. Because The Fed is an unaccountable run amok place that is not responsive to the American people. Madam President, I yield back. (22:00–22:10)

CLAIM

Asserts that the Federal Reserve is unaccountable and not responsive to the American people.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Cynthia Lummis

“Currently, the Inspector General of the Fed is appointed by the Fed chair.”
JUST IN: Gary Peters Blocks Rick Scott's Bill To Change Fed Structure—Then Peters Responds | Uploaded August 1, 2025 | 06:32-06:39
“It's overrun its budget for its building renovation by at least 700 million.”
JUST IN: Gary Peters Blocks Rick Scott's Bill To Change Fed Structure—Then Peters Responds | Uploaded August 1, 2025 | 07:42-07:48
“This is highly unusual, and it means that the Inspector general has no independence from the management of the Fed and is susceptible to…”
JUST IN: Gary Peters Blocks Rick Scott's Bill To Change Fed Structure—Then Peters Responds | Uploaded August 1, 2025 | 06:39-06:51
“Democrats are saying they are okay with being complicit in the mismanagement of the Fed that we are seeing today.”
JUST IN: Gary Peters Blocks Rick Scott's Bill To Change Fed Structure—Then Peters Responds | Uploaded August 1, 2025 | 07:20-07:32
“We're witnessing unprecedented mismanagement of the Fed.”
JUST IN: Gary Peters Blocks Rick Scott's Bill To Change Fed Structure—Then Peters Responds | Uploaded August 1, 2025 | 07:31-07:37
“Chair Powell appointed the Inspector General who is now tasked with examining this fiasco.”
JUST IN: Gary Peters Blocks Rick Scott's Bill To Change Fed Structure—Then Peters Responds | Uploaded August 1, 2025 | 07:48-08:01
“The Federal Reserve has grown too powerful, too insulated, too comfortable.”
JUST IN: Gary Peters Blocks Rick Scott's Bill To Change Fed Structure—Then Peters Responds | Uploaded August 1, 2025 | 08:29-08:37
“They don't even respond to FOIA requests.”
JUST IN: Gary Peters Blocks Rick Scott's Bill To Change Fed Structure—Then Peters Responds | Uploaded August 1, 2025 | 08:49-08:53
“We could confirm all 12 of the regional presidents of the Federal Reserve banks so we have a say in who they are.”
JUST IN: Gary Peters Blocks Rick Scott's Bill To Change Fed Structure—Then Peters Responds | Uploaded August 1, 2025 | 19:09-19:19
“The Federal Reserve has become so independent that it thumbs its nose at working for and with the American people.”
JUST IN: Gary Peters Blocks Rick Scott's Bill To Change Fed Structure—Then Peters Responds | Uploaded August 1, 2025 | 19:31-19:44
“Choke point 2.0 brought about a government caused failure of two banks.”
JUST IN: Gary Peters Blocks Rick Scott's Bill To Change Fed Structure—Then Peters Responds | Uploaded August 1, 2025 | 19:51-19:59
“Those banks were not insolvent.”
JUST IN: Gary Peters Blocks Rick Scott's Bill To Change Fed Structure—Then Peters Responds | Uploaded August 1, 2025 | 19:59-20:03
“The Federal Reserve and the FDIC pushed [two banks] into insolvency because they didn't like their customers.”
JUST IN: Gary Peters Blocks Rick Scott's Bill To Change Fed Structure—Then Peters Responds | Uploaded August 1, 2025 | 20:03-20:15
“There's no way to get scrutiny of the Fed because they don't have an independent ig.”
JUST IN: Gary Peters Blocks Rick Scott's Bill To Change Fed Structure—Then Peters Responds | Uploaded August 1, 2025 | 21:14-21:21
“They're not subject to the Freedom of Information Act.”
JUST IN: Gary Peters Blocks Rick Scott's Bill To Change Fed Structure—Then Peters Responds | Uploaded August 1, 2025 | 21:21-21:25
“We don't have sufficient oversight of [the Federal Reserve].”
JUST IN: Gary Peters Blocks Rick Scott's Bill To Change Fed Structure—Then Peters Responds | Uploaded August 1, 2025 | 21:24-21:27