The subpoena is part of a congressional probe into the leak of Fed information to Medley Global Advisors in 2012. It asked for all communications between Federal Reserve Board employees and any employee of Medley over an indefinite period. The Board's Office of the Inspector General said that providing access to some records "would risk jeopardizing" its ongoing joint investigation with the Department of Justice, according to the June 4 letter.
"The request for communications between Board staff and employees of Medley Global Advisors is extremely broad," the letter states. Because it will take time and significant expenditure to complete, Federal Reserve board staff have been working with congressional staff to prioritize the request.
The letter forwarded records related to people identified as high-priority, it said, except for those related to the OIG investigation.
Medley published details of a September 2012 Fed policy meeting one day before minutes of the session were released by the central bank. House investigators want to know why the Fed allowed internal probes of the leak to lapse before they had discovered who supplied information to the firm.
Hensarling, whose committee oversees the central bank, on May 21 issued a subpoena for documents and records related to the leak, saying that the Fed had failed to comply with an earlier request for information. Dow Jones reported on the June 4 letter earlier.
