The Federal Reserve faces new pressure to explain why it lets banks trade raw materials and control supplies after congressional witnesses said regulators can’t really grasp what lenders are doing in industrial businesses.
Officials from the Fed and Commodity Futures Trading Commission may testify at hearings in September, U.S. Senator Sherrod Brown said in an interview yesterday after witnesses told his Senate subcommittee that commodities operations owned by lenders are hurting customers and endangering the financial system. He’ll also seek testimony from bankers.
“Should the public generally be forced to feel around in the dark to figure this stuff out?” Brown, an Ohio Democrat, said during the hearing. “This is too important,” he added later. “It does significant potential damage to the economy.
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