Fed Can’t Give Congress All Subpoenaed Files, Yellen Says
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The Federal Reserve is currently unable to fully comply with a congressional subpoena because doing so would risk jeopardizing a criminal investigation, Chair Janet Yellen said in a letter to House Financial Services Committee Chairman Jeb Hensarling.
The subpoena is part of a congressional probe into the leak of Fed information to Medley Global Advisors in 2012. It asked for all communications between Federal Reserve Board employees and any employee of Medley over an indefinite period. The Board’s Office of the Inspector General said providing access to some records “would risk jeopardizing” its ongoing joint investigation with the Department of Justice, according to the June 4 letter.