Elizabeth Warren Launches New Battle Against the Fed

AP/Susn Walsh

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.


While speaking before the Senate’s Banking Committee on Tuesday, Sen. Elizabeth Warren (D-Mass.) hit Fed Chair Janet Yellen with a string of harsh questions over the performance of Scott Alvarez, the Fed’s general counsel, who is at the helm of an investigation of a Fed leak from September 2012.

Warren has expressed frustrations over the investigation’s lack of public information. 

“Wall Street banks could profit handsomely if they knew about the Fed’s plans before the rest of the market found out, and that’s why any leak of confidential information from the Fed results in serious penalties for the people who are responsible,” Warren said on Tuesday. “But apparently there have been no consequences for the most recent leak.”

The Massachusetts senator specifically pointed to Alvarez’s Wall Street-friendly reputation, mainly referring to his past criticisms of Dodd-Frank, when she asked Yellen whether the Fed’s views aligned with those of its top lawyer.

Pressed for a strict yes or no response, Yellen eventually said she is “not seeking to alter Dodd-Frank in any way at this time.”

“Do you think that it is appropriate that Mr. Alvarez took public positions that do not evidently reflect the public position of the Fed’s board, especially before an audience that has a direct financial interest in how the Fed enforces its rules?” Warren responded.

Yellen appeared slightly irritated:

 

 

 

TIME IS RUNNING OUT!

We have an ambitious $350,000 online fundraising goal this month and it's truly crunch time: About 15 percent of our yearly online giving usually comes in during the final week of the year, and in "No Cute Headlines or Manipulative BS," we explain why we simply can't afford to come up short right now.

The bottom line: Corporations and powerful people with deep pockets will never sustain the type of journalism Mother Jones exists to do. And advertising or profit-driven ownership groups will never make time-intensive, in-depth reporting viable.

That's why donations big and small make up 74 percent of our budget this year. There is no backup to keep us going, no alternate revenue source, no secret benefactor. If readers don’t donate, we won’t be here. It's that simple.

And if you can help us out with a donation right now, all online gifts will be matched thanks to an incredibly generous matching gift pledge.

payment methods

TIME IS RUNNING OUT!

We have an ambitious $350,000 online fundraising goal this month and it's truly crunch time: About 15 percent of our yearly online giving usually comes in during the final week of the year, and in "No Cute Headlines or Manipulative BS," we explain why we simply can't afford to come up short right now.

The bottom line: Corporations and powerful people with deep pockets will never sustain the type of journalism Mother Jones exists to do. And advertising or profit-driven ownership groups will never make time-intensive, in-depth reporting viable.

That's why donations big and small make up 74 percent of our budget this year. There is no backup to keep us going, no alternate revenue source, no secret benefactor. If readers don’t donate, we won’t be here. It's that simple.

And if you can help us out with a donation right now, all online gifts will be matched thanks to an incredibly generous matching gift pledge.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate