Carl Levin, the Michigan Democrat who leads the panel, and John McCain of Arizona, its ranking Republican, sent a letter to the Federal Energy Regulatory Commission seeking records from the agency’s inquiry and settlement with JPMorgan, according to a copy of the August 2nd request obtained by Bloomberg News.
The lawmakers asked the FERC to include a 70-page document outlining investigators’ findings, which was cited in articles by the New York Times. The regulator kept that document private when announcing a $410m accord with JPMorgan last month.
The committee has repeatedly investigated Wall Street firms in the wake of 2008’s credit crisis, chronicling Goldman Sachs' sales of mortgage-linked instruments and JPMorgan’s handling of botched derivatives bets. In an interview last month, Levin said lawmakers would use subpoena power to examine banks’ dealings in physical commodities.
'We have been into this issue for a long time and it’s a very, very significant issue', Levin said on July 23rd of his panel’s look at banks’ businesses tied to energy and natural resources. The potential for conflicts of interest or price manipulation 'is huge', he said.
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