The Federal Reserve Board is "mounting a concerted effort" to cover up waste and abuse in its check-clearing system, Rep. Henry B. Gonzalez, D-Tex., charged this week.

Rep. Gonzalez, the House Banking Committee's ranking Democrat, repeated calls for hearings to investigate whether the Fed unfairly competes with private-sector couriers and bilks taxpayers by subsidizing a fleet of planes to ferry checks across the country.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.