U.S. senators propose law to boost transparency at regional Fed banks

Dec 9 (Reuters) – Democratic Senator Elizabeth Warren and Republican Senator Pat Toomey have joined together to propose legislation that would make it easier to get information out of the U.S. Federal Reserve’s 12 regional banks.The two senators said on Friday in press releases their proposed law would, among other changes, bring the regional Fed banks under what’s called the Freedom of Information Act, or FOIA.The regional Fed banks, while overseen by the Board of Governors in Washington, are actually quasi-private institutions, technically owned by local private banks. The regional Fed banks contribute to monetary policy making and in …
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