Senator Bernard Sanders dropped a proposal to audit the Federal Reserve’s monetary policy that the central bank had said posed a threat to its independence, broadening support for greater central bank disclosure.
Senator Bernard Sanders said he sees a conflict with JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon serving on the board of directors at the Federal Reserve Bank of New York, JPMorgan’s regulator.
The Senate approved an amendment to the regulatory-overhaul bill authorizing a one-time audit of the Federal Reserve’s emergency-lending programs, and defeated a second proposal that would have allowed continuous inquiries.
The Federal Reserve would be subject to a one-time audit of its emergency lending programs under an amendment passed by the Senate while dodging a more far-reaching proposal to allow continuous inquiries into central bank policy.
The Federal Reserve Bank of New York’s William C. Dudley got a waiver in 2008 to keep personal financial holdings of American International Group Inc. after the company received a Fed rescue, a U.S. senator said.
The Federal Reserve Bank of New York’s William C. Dudley received a waiver in 2008 to keep his personal holdings of American International Group Inc. shares after the insurer got a bailout from the central bank.