Toomey pushes Fed scrutiny as banks accept the “awakened” agenda

Republican Senator Pat Toomey of Pennsylvania came to light on Tuesday and imposed a new disclosure law on the Federal Reserve. After some regional banks of the Federal Reserve Bank refused to provide information on why they were conducting a “highly politicized society” survey.

Toumi, a top Republican member of the Senate Banking Commission, said in a letter to four Federal Reserve Banks in Minneapolis, Atlanta, Boston and San Francisco that he refused to cooperate with Congress in recent months.

“If the Atlanta Fed continues to resist legitimate parliamentary oversight requests, Congress will probably have the same transparency imposed on the Atlanta Fed and other Federal Reserve Banks on almost every other federal agency or organization. We should consider imposing an accountability law, “he wrote. Toomey in a letter to the Federal Reserve Bank in Atlanta, Georgia.

Near the end of March, Toomey began investigating several Regional Federal Reserve Banks to fund “politically responsible” research on fragmented social topics such as climate change and racial justice. Did. According to Toomey, the goal of the study was to destroy the information used by the financial sector to promote liberal objectives.

For example, the Federal Reserve Bank of Minneapolis has “promised to dismantle structural racism” following the murder of George Floyd during the detention of local police in 2020.

Minneapolis Bank has also launched a taxpayer-funded symposium on the theme of “racism and the economy.” The event details how “the ever-present heritage of racism” is responsible for the economic, housing and educational disparities between black and white Americans.

Similarly, the Federal Reserve Bank of San Francisco conducted an extensive survey on the economic risks of climate change. Banks have published numerous reports, held various seminars on this topic, and often openly invited politicians as financial experts.

As part of the investigation, Toomey and his colleagues requested a briefing and documentation from the four banks detailing the decisions made in conducting such a partisan business. Lawmakers complained that the local banks refused to comply, except that they provided a basic briefing on this topic.

“The Fed’s complete refusal to submit a single document naturally raises questions. What is the Fed trying to hide?” Said a Republican aide to the Banking Commission. It was. “From awakened speech codes to conflicts with critical racial theory, liberal activists seem to have taken over Fed banks in several regions.”

The Federal Reserve took action long before Mr Biden took office, but Republicans say the White House has done little to undermine research. The complex problem is that there are few regulations governing public accountability and transparency in the Federal Reserve.

“The budget is not subject to parliamentary budget or approval, its leaders are not democratically elected or approved by the Senate, and public transparency such as the Freedom of Information Act (FOIA),” Toomey said. It’s not the subject of sex law. ” Federal Advisory Committee Act, and public records management legislation such as Federal Records Act. “

The Federal Reserve Board says that central banks have a duty to oversee the country’s money supply and regulate the banking system, so they must be independent and isolated from partisan political pressure.

Toomey hopes that the four regional banks will eventually respond to his investigation, but he has not ruled out the need for broader reforms of the system.

The Federal Reserve focused on climate change and racial justice when the country began to see early signs of inflation. Overall, consumers and businesses have risen significantly in price as well, while unemployment remains high after the coronavirus pandemic.

A recent study by Morning Consult found that more than one-third of adults spend more on food than they did earlier this year.

Republicans say the threat of inflation only increases the need for more liberation from the Fed.

“All prices from petrol to homes are skyrocketing and inflation is a bigger concern, so Americans want to know what the Fed is doing in the world,” said an aide to the Banking Commission. I think it’s natural to do that. “

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Toomey pushes Fed scrutiny as banks accept the “awakened” agenda

Source link Toomey pushes Fed scrutiny as banks accept the “awakened” agenda

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