Senator Elizabeth Warren is up to something new.
On Thursday, she and Rep. Elijah Cummings (D-Md.) sent a letter to the Federal Reserve’s general counsel requesting a briefing on the Fed’s investigation into an alleged information leak.
“Although the investigation reportedly ‘reached the highest levels of the central bank,’ the Federal Reserve did not acknowledge it publicly for over two years,” the Democrats wrote. “We are disturbed by this lack of transparency regarding such an important topic.”
The leak they’re referring to, first reported by ProPublica and Bloomberg, allegedly took place in late 2012, when potentially market moving information appeared in an investor newsletter from analysts Medley Global Advisors.
It revealed what the Federal Open Market Committee was going to discuss at a meeting the following day, providing insight into the Fed’s decision to begin the third round of its bond buying program. Investors who read that information could have profited by betting against Treasury bonds before the meeting.
Other alleged leaks from that meeting appeared in The Wall Street Journal, including this Sept. 28, 2012, story.
At the time, then-chairman Ben Bernanke reportedly ordered an investigation into the matter, though it was not made public until December 2014.
The Fed acknowledged receiving the Democrats’ letter on Thursday, according to The Wall Street Journal. But it remains to be seen whether Warren will be granted her briefing, for which she gave a February 15 deadline.
The Massachusetts Senator has had a knack lately for getting her way. We’ll know soon enough whether she gets it again this time.
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