Dems Urge Fed Not To Delegate Larger Enforcement Actions

Law360, Washington (February 12, 2014, 6:20 PM EST) -- Two Democratic lawmakers urged the Federal Reserve to cast a more critical eye on its large settlements and enforcement actions, saying the board itself should vote on major enforcement actions rather than relegating them to the staff.

Sen. Elizabeth Warren, D-Mass., and Rep. Elijah Cummings, D-Md., sent a letter to new Fed Chairwoman Janet Yellen requesting that the board vote on all settlements worth more than $1 million or require shifts in a company's management.

“We believe that increasing the board's direct role in overseeing enforcement...
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