While multiple Wall Street watchdogs called for Powell to refer the investigation to the U.S. Department of Justice and the Securities and Exchange Commission – which conduct all legitimate insider trading investigations involving publicly-traded stocks — the Fed instead referred the investigation on October 4, 2021 to the Federal Reserve Board’s own Inspector General, who is appointed by the Chair of the Fed, reports to the Fed Board (including the Chair) and can be fired by a two-thirds vote of the Fed Board…
The Inspector General Investigating the Trading Scandal at the Fed, Reports to Fed Chair Jerome Powell, Whose Own Trading Is Dubious…
Fed Chair Jerome Powell was quick to refer an investigation into the Fed’s trading scandal to the Inspector General of the Federal Reserve. Notably, he did not refer the matter to the U.S. Department of Justice which has criminal prosecution powers…