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Federal Reserve Under Criticism Over Leaked Info

Todd Qiu, Writer

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The Federal Reserve had leaked market moving information to private consulting firm Medley Global Advisors. The Federal Reserve had leaked bond buying and interest plans which are very important for business and the American economy. This affair is illegal and is well known. The Fed is supposed to regulated banks and the financial sector, instead in this case it has provided them with information that were sensitive and should not have been leaked ahead of time. This has resulted in an investigation by the Federal Bureau of Investigation that is ongoing. Jeffrey Lacker, the president of the Richmond Federal Reserve Bank has resigned due to the scandal. This also led to political criticism by both republicans and democrats. Far left senators Bernie Sanders and Elizabeth Warren say that the Fed are too close to the banks and are not properly doing their job. Some Republicans also criticized the failure of the Fed and even called into question the necessity of maintaining the Federal Reserve. This affair has clearly further tarnished the reputation of this highly influential government organization which has already been under increased scrutiny lately.

Former President of Richmond Fed – Jeffrey Lacker

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The student news site of Manhasset High School in Manhasset, New York
Federal Reserve Under Criticism Over Leaked Info