October 22, 2021

Toomey Statement on Fed Announcing New Ethics Rules

Washington, D.C. – U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the Federal Reserve announced new rules on Fed officials’ investments and disclosures.

“Chair Powell is to be commended for effectively addressing this issue. The trading activity of the former Boston and Dallas Fed bank presidents were unfortunate because they created the appearance of a conflict of interest. This episode does raise questions about the operations of the Committee on Federal Reserve Bank Affairs, which is chaired by Governor Brainard and is directly responsible for overseeing the Fed regional banks and their presidents.”