Feds Secretly Withheld Documents From Congress

(PresidentialInsider.com)- Many have called for greater openness and reform for the country’s central bank after the Federal Reserve suppressed crucial papers that could have impacted a Federal Reserve nominee before a possible confirmation vote.

Reports show the chairman of the Federal Reserve, Jerome Powell, was requested to reveal all correspondence pertaining to Reserve Trust, a fintech business that received the lucrative Fed master account, while Sarah Bloom Raskin was on the board of directors.

Sarah Bloom Raskin is the wife of Jaime Raskin, Democrat rep. for Maryland’s 8th congressional district.
A Fed master account makes it easier for the business to transfer significant sums of money and allows it to receive interest on deposits made at the Fed.
According to reports, when President Joe Biden appointed Raskin to be the Fed’s vice chair, numerous Senate Banking Committee Republicans interrogated Raskin about whether she had used her position as a former Fed governor to get the Fed master account.
Sen. Cynthia Lummis (R-WY) remarked to Raskin during a confirmation hearing in February that she served on the board of Reserve Trust for two years. Their first application for a master account was denied, but Raskin called the Federal Reserve after the first denial, and then Reserve Trust received a master account. The only state-chartered trust corporation in the nation to receive one. Raskin then left with $1,500,000. “Something doesn’t seem right,” stated Lummis.
Raskin could not recall or was unsure how to respond to more than 35 questions from Pat Toomey (R-PA) when he inquired about her alleged pressure on the Fed to provide her company with a master account.
News reports show that after the Fed and Raskin declined to provide information concerning her role in requesting a Fed master account, Toomey spearheaded a filibuster of her nomination.
Senate Banking Republicans were shocked to find that the Fed responded to a Freedom of Information Act (FOIA) request for documents relating to Jane Raskin and Reserve Trust rather than the Senate Banking Committee. Biden withdrew her nomination, but the committee’s members said they would pursue legislation to compel the Fed and regional Fed regional banks to be more transparent and accountable to Congress.
The proposed legislation should include jail time for withholding information.