
By Pam Martens and Russ Martens: November 8, 2021 ~ Fed Chair Jerome Powell was quick to refer an investigation into the Fed’s trading scandal to the Inspector General of the Federal Reserve. Notably, he did not refer the matter to the U.S. Department of Justice which has criminal prosecution powers. Unlike the Inspector General of the U.S. Department of Justice, as well as more than 30 other Federal agencies, the Inspector General of the Federal Reserve is not nominated by the President of the United States and confirmed by the U.S. Senate. Instead, the Inspector General of the Federal Reserve is appointed by the “head” of the Federal Reserve Board of Governors; he reports to that same Board of Governors; and he can be terminated by them with a two-thirds vote. The Inspectors General have been codified into law under 5a U.S. Code 8G which notes that “Each Inspector General shall … Continue reading