Sen. Pat Toomey unveils Fed reform bill

Sen. Pat Toomey, R-Pa., introduced legislation Wednesday that would eliminate more than half of the regional Federal Reserve banks and subject the remaining banks to additional federal rules and restrictions.

The bill, titled the critic of so-called “mission creep” at the regional Fed banks, including research aimed at topics like climate change, economic inequality and racial justice. Fed Chair Jerome Powell, by contrast, has defended the regional banks’ independence and the Fed’s foray into climate stress testing as vital to ensuring the safety and soundness of the financial system.