April 05, 2017

Statement from Senator Warren and Ranking Member Cummings on Resignation of Richmond Fed President

Washington, D.C. - United States Senator Elizabeth Warren (D-Mass.) and Representative Elijah E. Cummings (D-Md.), Ranking Member of the House Committee on Oversight and Government Reform, released the following statement today on the resignation of Richmond Federal Reserve President Jeffrey Lacker, upon his admission that he had previously leaked sensitive information concerning the Fed's economic stimulus plans:

"More than two years after the leak, the Fed's internal investigation appeared to have stalled, so we raised our concerns to the Federal Reserve Chair and the General Counsel in letters, staff briefings and hearings, and eventually learned that the investigation would continue and that the Inspector General had started a criminal investigation. While we remain concerned by how long it took to unravel the source of this leak, it is welcome news that the Fed has finally addressed it and is holding Lacker accountable."

Warren and Cummings initially raised concerns about the Federal Reserve's internal investigation in February, 2015. A copy of their original letter to Scott Alvarez, the General Counsel of the Federal Reserve Board can be found here.