Facing calls for more transparency around its account-granting processes, the central bank has proposed making a public database of institutions with access to its services.
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Federal Reserve Chair Jerome Powell has deflected requests from a top critic, Sen. Elizabeth Warren, for details of financial transactions by central bank officials, risking an escalation of tensions with lawmakers over disclosure issues.
Over the last year, Senate Banking Committee Republicans transformed the opaque standards and inconsistent timelines for master account applications into a political flashpoint.