Warren, Scott Find Common Ground Knocking Fed IG’s Trading Probe
- Warren, Scott say Fed IG didn’t hold officials accountable
- Lawmakers want to make watchdog position Senate-confirmed
The Marriner S. Eccles Federal Reserve building in Washington, DC.
Photographer: Samuel Corum/BloombergTwo US senators criticized the Federal Reserve’s internal watchdog for his investigation into trading by Fed officials during the pandemic, saying he failed to hold agency officials accountable or take steps to prevent similar scandals in the future.
Mark Bialek, the Fed’s inspector general, cleared two former policymakers of legal wrongdoing in January following a years-long probe of their personal trading activity in 2020, a time when the central bank was intervening in financial markets. Former Fed presidents Robert Kaplan of Dallas and Eric Rosengren of Boston resigned after the trading became public.