Tuesday, May 19, 2015

“House Financial Services Chairman Jeb Hensarling Issues Subpoenas for the Federal Reserve

WASHINGTON EXAMINER: Hensarling Subpoenas Fed Over Leak
“House Financial Services Chairman Jeb Hensarling Thursday subpoenaed the Federal Reserve, accusing it of a ‘failure to comply’ with requests for documents about a 2012 leak of Fed deliberations to a newsletter.
“‘It is unacceptable, illegal and corrupt for anyone at the Fed to deliver inside information that could provide a financial advantage to the privileged few and lead to the manipulation of financial markets,’ Hensarling said.
“Hensarling accused the Fed of fostering a "crony economy" by leaking information from its October 2012 deliberations to Medley Global Advisors that the firm later provided to clients in a private newsletter. News of the leaks were reported in the media, which also documented a meeting between Medley and Fed Chairwoman Janet Yellen.”
THE HILL: House Panel Subpoenas Fed Over 2012 Leak
“The House Financial Services Committee has subpoenaed the Federal Reserve for documents pertaining to a 2012 leak of sensitive market information.
“Chairman Jeb Hensarling (R-Texas) said the central bank has ‘repeatedly’ failed to produce documents tied to the panel’s probe of the leak, requiring legal action.
“‘Despite the seriousness of this situation, the Federal Reserve has acted in a manner that can only be characterized as resistant to accountability and oversight. It has repeatedly failed to provide complete and adequate responses to our committee’s valid questions and requests,’ he said in a statement. ‘Since the Federal Reserve refuses to cooperate, a subpoena for documents is a prudent and measured approach’.”
CNBC’s CLOSING BELL: Rep. Hensarling: Fed Needs to Pull Back Curtain

Chairman Hensarling joined CNBC’s Closing Bell to discuss the need for the Federal Reserve to be more transparent and accountable to the American people. In light of President Obama’s continued and blatant disregard for the law that requires him to appoint a Vice Chairman for Supervision at the Federal Reserve, Hensarling is calling on Fed Chair Janet Yellen to double her annual appearances before Congress so that the people’s elected representatives can conduct oversight and hold the Fed accountable.