Chairman Scott Statement on the Need for Federal Reserve Reform Following New Ethics Violations Report
Washington, D.C. – Senate Banking Committee Chairman Tim Scott (R-S.C.) issued the following statement after new reporting revealed that former Federal Reserve Governor Adriana Kugler was under investigation when she resigned for allegedly violating the Fed’s trading rules, further eroding public trust in the central bank.
“Every time the Federal Reserve faces an ethics scandal, it chips away at Americans’ confidence in one of our most important institutions. The latest report makes clear that the Fed still doesn’t have the guardrails or culture of accountability the American people expect. The next Fed Chair must restore integrity, strengthen transparency, and end the pattern of insiders playing by their own rules. Reform isn’t optional, it’s essential if the Fed is going to fully regain the trust it has lost,” said Chairman Scott.
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