"We've seen wage gains moderating quite a bit,” the Fed governor said.
Scott and Warren want an independent inspector to hold Fed officials accountable.
The Fed's quantitative-tightening program could be propelled toward an early end.
The Fed's work on inflation is not yet complete, according to two Fed presidents.
Philadelphia Fed President Patrick Harker said he expects the central bank to raise rates "a few more times" this year.
The St. Louis Fed chief pointed to optimistic signs that price gains could slow further this year.
But inflation is still way above the central bank's 2% target.
Investors now expect the Fed to opt for a half-point rate hike at the December meeting, bringing the target range for the benchmark to 4.25% to 4.5%.
While one Fed official looked at curbing inflation, her colleague said U.S. savings warrant higher rates.
Collins didn't specify in her remarks what size rate move she would support at the December meeting.
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