Leading Republican alleges Fed overreach on race

The ranking Republican on the Senate banking committee has charged three regional Fed presidents with involving their banks in “politically charged issues” that are beyond the Fed’s remit.

Senator Pat Toomey wrote to the presidents of the Atlanta, Boston and Minneapolis Feds on May 23, requesting documents about each bank’s involvement in “racial justice issues”.

Central Banking contacted each of the three regional reserve banks. The Minneapolis Fed confirmed receipt of the letter and the

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