Bipartisan Bill Aims to Increase Fed Oversight.

Republican Senator Rick Scott and Democrat Senator Elizabeth Warren are introducing legislation to replace the Federal Reserve's internal watchdog with one appointed by the president, in order to tighten bank supervision following the failures of Silicon Valley Bank and Signature Bank. The legislation would replace the Fed's inspector general with an independent IG who would oversee the Federal Reserve and the Consumer Financial Protection Bureau. The cooperation between Scott and Warren, who usually inhabit opposite poles of the political spectrum, could be the start of a new bipartisan push on banking.