JEB TX, MAXINE WATERS, CA, RANKING MEMBER

Oinmmittu an jf?in-antml arming
?Ragnar? @1110: Building
{Mi 10515

March 13, 2015

Mr. Mark Bialek

Inspector General

Federal Reserve Board

20th Street and Constitution Ave, NW
Washington, DC. 20551

Dear Mr. Bialek:

We write with concerns about your withholding of information responsive to a
February 5, 2015, request from the Subcommittee on Oversight and Investigations
of the Financial Services Committee (Subcommittee).1 The letter requested all
records and information related or referring to the investigation of an October 2012
leak of confidential Federal Open Market Committee (FOMC) deliberations.2

On February 19, 2015, you provided a response indicating that the Federal Reserve
Office of Inspector General (OIG) initiated an ?independent investigation? into the
matter.3 Your staff subsequently represented that a report of investigation had
been completed; however, you note in your written response to the Subcommittee
that requested records ?are in the process of being reviewed by the OIG, in
coordination with the Board, since they contain confidential information.?4

As recently communicated to Committee staff and separately reported by
Bloomberg, the OIG reopened its investigation of the disclosure of confidential
FOMC deliberations on March 4, 2015, and there is currently an open criminal
investigation into the matter.5 Notwithstanding this development, the 
Subcommittee is entitled to the information it previously requested and we ask that
you produce it in full by March 27, 2015.

 

1 See Letter from the Hon. Sean Duffy, Chairman, Oversight Investigations Subcommittee, to the
Hon. Janet Yellen, Chair, Federal Reserve Board, (Feb. 5, 2015).

2 See, Craig Torres, ?Fed Leaked Tipped Trades to Historic Stimulus Move, Prompted Secret
Inquiry,? Bloomberg, (Dec. 1, 2014), available at 


3 See Letter from Mark Bialek, Inspector General, Federal Reserve System, to the Hon. Sean Duffy,
Chairman, Subcommittee on Oversight Investigations, (Feb. 19, 2015).

4 Id.

5 Committee staff phone call with Federal Reserve IG staff (Mar. 11, 2015); Craig Torres, ?Fed
Internal Watchdog Said to Reopen Probe into 2012 Leak,? Bloomberg, (Mar. 11, 2015), available at

into-2012-leak.

Mr. Mark Bialek
March 13, 2015
Page 2

Please contact .W. Verret or Katelyn Christ of the Committee staff at (202) 225-
7 502 With any questions about this request.

 

Sincerely,
JEB HENSARLING SE DUFFY 
Chairman Chairman, Subcommittee on Oversight

and Investigations

cc: The Honorable Maxine Waters, Ranking Member