The Fed’s Inspector General Clears Jerome Powell of Wrongdoing in the Trading Scandal, One Day After Five Senators Accuse Him of Hampering the Investigation

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The Fed’s Inspector General Clears Jerome Powell of Wrongdoing in the Trading Scandal, One Day After Five Senators Accuse Him of Hampering the Investigation

By Pam Martens and Russ Martens: July 15, 2022 ~ Yesterday afternoon, Mark Bialek, the Inspector General of the Federal Reserve, released a memorandum clearing Fed Chair Jerome Powell and former Fed Vice Chair Richard Clarida of wrongdoing in the trading scandal that has engulfed multiple officials of the Federal Reserve. Curiously, that memorandum came just one day after Senator Sherrod Brown, Chair of the Senate Banking Committee, and four other Democratic colleagues in the Senate, sent Powell a letter about the trading scandal. The letter suggested that Powell was hampering the investigation and took him to task for failing to put the force of law and a chain of command in place for the Fed’s newly upgraded trading restrictions. Even more curious, the memorandum from the Fed’s Inspector General came just hours after Wall Street On Parade reported on Senator Brown’s letter and called attention to the fact that the … Continue reading →

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