Salem Radio Network News Sunday, September 26, 2021

Business

Fed lifts restrictions on JPMorgan imposed after forex manipulation

WASHINGTON (Reuters) – The Federal Reserve announced Thursday it had lifted a 2015 enforcement action imposed on JPMorgan Chase & Co after the bank pleaded guilty to attempting to manipulate the foreign exchange market.

The cease and desist order had been imposed on the bank as one of several actions taken against multiple global banks as part of a wide-ranging forex rigging probe. As part of the settlement, the bank had been directed to show the Fed how it had improved internal controls and policies. At the time, the bank attributed the misconduct principally to a single trader who had been fired.

(Reporting by Pete Schroeder in Washington; Editing by Matthew Lewis)

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