Courtesy of Pam Martens.
Congressman Sean Duffy Says Fed Chair Janet Yellen Has Refused to Comply With a Subpoena
Yesterday during the House Financial Services Committee hearing to take semi-annual testimony from the Fed Chair on monetary policy and the health of the U.S. economy, a tense exchange took place between Congressman Sean Duffy and Fed Chair Janet Yellen. (See video clip below.) Duffy effectively accused Yellen of defying a Congressional subpoena related to a House investigation of a Fed leak in 2012.
The House investigation centers around a quite brazen newsletter put out by a firm called Medley Global Advisors that in 2012 reported what the Fed’s FOMC minutes were going to reveal the following day. One revelation from the newsletter referred to continued large bond purchases by the Fed as follows:
“Tomorrow’s minutes will reference a staff paper that concludes the market has capacity to absorb purchases this large for a period of time.” When the Fed released its minutes the next day, there was just such a finding.
Dan Bogler Bio at Medley Global Advisors
Medley Global Advisors was sold to the Financial Times newspaper in February 2010. In the press release announcing the deal, Medley Global Advisors was characterized as “a premier provider of macro policy intelligence to the world’s top investment banks, hedge funds and asset managers.”
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