Sen. Scott pushes back on proposal to cut Fed interest for banks

Senate Banking Committee Chair Tim Scott (R-SC) cautioned against rushing a proposal to block the Federal Reserve from paying interest to banks, emphasizing that it must follow proper parliamentary procedure.

Senate Commerce Committee Chairman Ted Cruz (R-TX) ‘s proposal aims to help fund a series of tax cuts in the budget package currently under consideration in Congress. Cruz says the cuts could save the government $1 trillion.

Scott emphasizes, “Any legislative change to the Federal Reserve’s framework must follow regular order.” See more on Scott’s statement from Blooomberg Law.