Bill Cassidy - Ranking Member of the Senate HELP Committee | Official U.S. Senate headshot
Bill Cassidy - Ranking Member of the Senate HELP Committee | Official U.S. Senate headshot
WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA), ranking member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, has called for accountability from the Biden Administration in the wake of a significant leak of confidential economic information. Reports have surfaced indicating that an official from the Bureau of Labor Statistics (BLS) leaked sensitive data to certain Wall Street traders, granting them an unfair advantage in the market.
The leaked information, which included undisclosed changes to the Consumer Price Index (CPI) calculations for housing and used car prices, had notable impacts on the stock market. Senator Cassidy expressed concern over the breach, emphasizing the need for transparency and corrective measures from the BLS to prevent similar incidents in the future.
In a letter to the BLS, Dr. Cassidy stated, "Given BLS’ stated mandate as a neutral fact-finding agency responsible for safeguarding statistical information, it is unacceptable that a BLS employee leaked confidential information with market-moving implications to a select, exclusive group of Wall Street insiders." He further emphasized the importance of concrete actions to restore public trust in the agency's mission, stating, "Restoring public trust in BLS’ mission will take more than mere words."
The Senator urged the BLS to address the breach seriously and implement reforms to prevent the unauthorized disclosure of confidential information in the future. He called for clarity on the agency's response to the leak and emphasized the need for stringent measures to uphold the integrity of BLS data.
Senator Cassidy's letter outlined a series of questions directed at the BLS, seeking information on corrective actions taken against the involved employee, steps to prevent similar incidents, and details on internal policies and training related to data confidentiality.
The incident has raised concerns about the security of sensitive economic data and the need for robust safeguards to prevent unauthorized disclosures that could impact financial markets. Dr. Cassidy's call for accountability underscores the importance of upholding transparency and integrity in the dissemination of statistical information to maintain public trust.
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