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Cynthia Lummis: “We don't have sufficient oversight of [the Federal Reserve].”

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 21:24

And there's no way to get scrutiny of the Fed because they don't have an independent ig. They're not subject to the Freedom of Information Act. We don't have sufficient oversight of [the Federal Reserve]. them. We've got to get oversight over the Fed. And I want to applaud my colleague from Florida for taking the initial step that every other agency is subject to an independent Inspector general. (21:24–21:27)

CLAIM

Asserts that there is insufficient oversight of the Federal Reserve.

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
“The Fed is an unaccountable run amok place that is not responsive to the American people.”
JUST IN: Gary Peters Blocks Rick Scott's Bill To Change Fed Structure—Then Peters Responds | Uploaded August 1, 2025 | 22:00-22:10