GOP Senators Warn Fed Subpoena Possible If Inquiries Stonewalled
- Paul, Lummis have been frustrated by alleged Fed secrecy
- Paul’s new chairman post includes authority to issue subpoenas
The Marriner S. Eccles Federal Reserve building in Washington, DC.
Photographer: Al Drago/BloombergRepublican Senators Rand Paul and Cynthia Lummis said in separate interviews this week the Federal Reserve could face a subpoena if they do not respond fully to inquiries into the central bank’s operations.
“I think the Fed needs to be more revealing,” said Paul, who has long sought to subject the Fed to greater scrutiny and has gained the power to issue subpoenas as the new chair of the Homeland Security and Government Affairs Committee. “We could use that to get information from the Fed. It would be an interesting way of sort of doing an audit, at least a partial audit.”