A Republican senator, concerned that the Federal Reserve is going beyond its Congressional mandate, asks the San Francisco Federal Reserve Bank for documents on its growing focus on climate and social issues.
In a letter to the regional Fed bank, Senator Pat Toomey (R., Pa.) Said he was concerned that the bank’s new focus of research could destabilize the central bank’s apolitical profile, which could undermine its independence.
Some of the Fed’s regional banks, including San Francisco, “have become increasingly concerned with sociopolitical issues that reflect the political and normative leanings of unelected Federal Reserve Bank officials,” wrote Toomey, senior Senate banking committee member. “That approach has put the Federal Reserve in the emotionally charged political arena – a place the Federal Reserve has seldom ventured into for good reason.”
Mr Toomey wants the San Francisco Fed to provide him with documents by April 9th, outlining bank planning for upcoming public climate seminars, documents and emails related to shifts in the bank’s research focus, and spending over the past decade in Related to research and community development are listed work. He is also seeking a briefing with Glenn D. Rudebusch, Senior Policy Adviser at the bank.
A San Francisco Fed spokesman said, “We have received the letter from Sen. Toomey and are reviewing it. We look forward to discussing the contents with Sen. Toomey’s office.”