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The Senate Banking Committee Has Subpoena Power; So Why Has Senator Elizabeth Warren Been Left to Investigate on Her Own?

Courtesy of Pam Martens

Senator Elizabeth Warren  Has Sent Dozens of Letters Over the Years Probing Wall Street, Its Regulators, and the Fed

Senator Elizabeth Warren Has Sent Dozens of Letters Over the Years Probing Wall Street, Its Regulators, and the Fed

For years now, Wall Street On Parade has been reporting on the probing letters that Senator Elizabeth Warren (D-MA) has sent to Wall Street firms and their regulators in an effort to ferret out the details of systemic corruption and the looting of the American people. (See “Related Articles” below.)

Throughout this letter writing campaign, Senator Elizabeth Warren has been a member of the powerful Senate Banking Committee – which has subpoena power. The new Chair of that Committee, Senator Sherrod Brown (D-OH), is also a progressive, like Warren. So why isn’t the Senate Banking Committee using its subpoena power instead of leaving Warren with nothing more than an inquiring mind and a pile of Word documents?

According to the Congressional Research Service, the Senate Banking Committee has adopted a rule that requires a majority vote to issue a subpoena for documents or witnesses. And since it has too many members on the Committee who take campaign funds from Wall Street and/or their law firms, we’ve yet to see that subpoena power in action.

Today is the deadline that Senator Warren gave to Fed Chair Jerome Powell to respond to her letter of last Tuesday, in which she demanded “Full disclosure of all stock, bond, and other investment trades by Fed governors and presidents from January 1, 2020 to the present,” along with other related material.

Warren’s inquiry stems from the fact that the President of the Dallas Fed, Robert Kaplan, and the President of the Boston Fed, Eric Rosengren, had to step down in September over scandalous trading activity in 2020. Trading questions have been raised about other Fed officials as well, including Powell.

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