WASHINGTON–Two senators from different sides of the aisle have again introduced legislation that would require a president-appointed and Senate-confirmed inspector general be added to the Federal Reserve board and to the CFPB.

The legislation, introduced by Sens. Elizabeth Warren (D-MA) and Rick Scott (R-FL), is similar to that introduced two years ago by the senators. They have asked Fed Chair Jerome Powell to support the legislation and who criticized former Fed IG Mark Bialek, who stepped down in April after 14 years in the role, for his “failure to appropriately address corruption” at the central bank, according to a letter cited by Banking Dive.

‘Corruption and Mismanagement’

Warren, the ranking member of the Senate Banking Committee, and Scott also urged Powell to appoint a new IG “with a demonstrated history of effectively holding government officials accountable for corruption and mismanagement,” the report added.

A Fed spokesperson told the publication the central bank has received the letter and plans to respond. 

Salary Information Sought

The senators introduced their bill in the prior Congress amid regional bank failures, seeking to have the Fed IG be appointed by the president and confirmed by the Senate. They also, later that year, pressed the Fed IG to share his salary information; in Tuesday’s letter, they referred to the IG’s “perverse compensation package,” which was about $378,000 two years ago, Banking Dive reported.