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Fed Blasted by GOP for ‘Obstructionism’ Over Bloom Raskin Files

  • Refusal to divulge documents to Congress called ‘outrageous’
  • Senators want to require Fed to provide answers to Congress
Sarah Bloom Raskin

Sarah Bloom Raskin

Photographer: Ken Cedeno/Reuters/Bloomberg

Republicans on the Senate Banking Committee are vowing to pursue legislation mandating more transparency from the Federal Reserve after learning the central bank had documents regarding former Fed nominee Sarah Bloom Raskin that the bank never divulged to Congress.

In a letter sent Tuesday to Fed Chair Jerome Powell, 11 GOP members of the committee complained the bank never complied with a February request by ranking Republican Pat Toomey for correspondence about Reserve Trust, a fintech firm that received a Fed master account while Raskin, an ex-Fed governor, served as a company director.