{"id":79294,"date":"2022-08-13T16:01:00","date_gmt":"2022-08-13T20:01:00","guid":{"rendered":"https:\/\/framinghamsource.com\/?p=79294"},"modified":"2022-08-13T18:52:30","modified_gmt":"2022-08-13T22:52:30","slug":"sen-warren-calls-inspector-generals-investigation-inadequate","status":"publish","type":"post","link":"https:\/\/framinghamsource.com\/index.php\/2022\/08\/13\/sen-warren-calls-inspector-generals-investigation-inadequate\/","title":{"rendered":"Sen. Warren Calls Inspector General’s Investigation ‘Inadequate’"},"content":{"rendered":"\n

In full transparency, the following is a media release from Sen. Elizabeth Warren\u2019s office. She was elected by voters in the Commonwealth of Massachusetts to serve the state in Washington DC in the US Senate. She is a Democrat<\/em>. (stock photos)<\/p>\n\n\n\n

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WASHINGTON DC – U.S. Senator Elizabeth\u00a0Warren\u00a0(D-Mass.) sent a letter to Federal Reserve Chair Jerome Powell raising concerns about the Federal Reserve\u2019s\u00a0 (Fed) Culture of Corruption, and the Fed Inspector General\u2019s inadequate investigation of the trading activities by senior officials on the Fed Board of Governors. <\/p>\n\n\n\n

She renewed her requests for information about the Fed\u2019s trading scandal, including disclosure of all trades made by Fed governors and presidents between January 1, 2020 and the present.\u00a0 Senator\u00a0Warren\u00a0also sent letters to each of the presidents of the regional Federal Reserve Banks requesting this information.<\/p>\n\n\n\n

In September, 2021, the Fed became embroiled in scandal amid reports that two Federal Reserve Bank Presidents \u2013 both of whom have since stepped aside \u2013 had actively traded individual stocks and other financial assets while helping set key Fed policies at the height of the pandemic. <\/p>\n\n\n\n

Last month, the Inspector General (IG)\u00a0 released an investigation finding that former Vice Chair Clarida\u2019s omitted disclosures and that trades involving Chair Powell\u2019s accounts were made during what should have been a \u201cblackout period.\u201d <\/p>\n\n\n\n

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TheInspector General found clear evidence of improper trading activity by these officials, and yet it accepted uncritically the claims that these improprieties were inadvertent. <\/p>\n\n\n\n

The investigation, conducted by an IG that serves at Chair Powell\u2019s discretion, was entirely inadequate, underscoring the need for the Fed to provide full and complete information about Fed officials\u2019 trades during the pandemic to Congress and the public.\u00a0<\/p>\n\n\n\n

\u201cSimply put, the Fed\u2019s refusal to answer basic questions is preventing Congress and the public from evaluating the full extent of Fed officials\u2019 trading in individual stocks by Fed officials, the extent to which Fed officials were warned of the risks from their trading, and whether the plans you announced to change the Fed\u2019s ethics practices are sufficient to prevent future financial conflicts of interest,\u201d\u00a0wrote Senator\u00a0Warren.<\/p>\n\n\n\n

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In the letter, Senator Warren again calls for the Fed to provide the following information:<\/p>\n\n\n\n