Senator Warren Posts Cute Selfie While on Self-Promoting Tour, Woo Hoo!!! [View all]
Oh, wait, I mean to say Senator Warren Grills Fed Chair Janet Yellen on Frank-Dodd and Unfair Insider Banking Activities.
Elizabeth Warren presses Janet Yellen on conduct of Fed’s top lawyer
By Sylvan LaneGlobe Correspondent February 24, 2015
WASHINGTON — Senator Elizabeth Warren on Tuesday morning demanded answers from Federal Reserve Chair Janet Yellen about the conduct of the central bank’s top lawyer.
Yellen testified before the Senate Committee on Banking, Housing and Urban Affairs, where legislators questioned her for more than two hours on the Fed’s monetary policy, inflation response, transparency and governance. Warren focused her queries on Scott G. Alvarez, the Fed’s general counsel, and what she saw as two critical transgressions: the lack of a public report about a 2012 information leak and comments he made in 2014 about a Dodd-Frank trading regulation.
In October 2012, information from the central bank’s Federal Open Market Committee’s meeting leaked a day before the Fed announced a third round of bond buying. Alvarez was directed to conduct an investigation, but hasn’t released findings from it. Warren and Representative Elijah Cummings of Maryland in a Feb. 5th letter asked Alvarez for a briefing on the investigation.
“Wall Street banks could profit handsomely if they knew about the Fed’s plans before the rest of the market found out, and that’s why any leak of confidential information from the Fed results in serious penalties for the people who are responsible,” said Warren during the hearing. “But apparently there have been no consequences for the most recent leak.”
http://www.bostonglobe.com/news/politics/2015/02/24/elizabeth-warren-presses-janet-yellen-conduct-fed-top-lawyer/eiuUblMzhpcxcm0NQhFCyK/story.html
I'm glad that the good Senator is out there representing us and not running a nauseating pre-campaign, posting selfies with her newfound BFFs.
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