Congress launches probe of NY Fed over handling of $80M cyberheist


House panel asks NY Fed for security briefing

CNBC’s Eamon Javers reports the House panel has asked the New York Fed for documents and a briefing on cyber heists.

A congressional committee has launched an investigation into the Federal Reserve Bank of New York’s handling of the heist of more than $80 million from accounts it maintains for the central bank of Bangladesh, CNBC has learned.

In a letter to New York Fed President William Dudley on Tuesday, House Science Committee Chairman Lamar Smith, R-Texas, asked for “all documents and communications” related to the cyberheist from the Bank of Bangladesh account. The committee also wants to know what oversight the Fed has conducted of the SWIFT system, an international electronic messaging system used by banks worldwide to authorize billions of dollars a day in money transfers.

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