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Toomey Demands Answers From Kansas City Fed on Fintech’s Account

  • GOP Senator says Fed revoked Reserve Trust master account
  • Controversy helped unite GOP against Raskin’s Fed nomination
Pat Toomey
Pat ToomeyPhotographer: Ting Shen/Bloomberg

Senator Pat Toomey, the top Republican on the Banking Committee, is demanding answers from the Federal Reserve Bank of Kansas City about the status of a Fed master account for Colorado fintech firm, Reserve Trust, which had figured in a recent confirmation controversy.

“It has been brought to my attention that the Kansas City Fed recently revoked Reserve Trust’s master account after determining, among other things, that the company is no longer eligible for one,” Toomey said in a letter obtained by Bloomberg News to Kansas City Fed President and CEO Esther L. George.