www.bloomberg.com
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The Federal Reserve is facing an unprecedented legal challenge after a federal judge authorized grand jury subpoenas targeting the central bank regarding its supervision of the failed Signature Bank. The subpoenas compel the Fed to produce confidential supervisory documents, potentially including internal communications about the bank’s collapse. Legal experts warn this sets a dangerous precedent by piercing the Fed’s traditional regulatory independence. If the Fed resists, it risks a constitutional showdown with the judiciary; if it complies, it may undermine the confidential information-sharing vital to banking supervision.
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