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Senate Banking Committee Chair Calls for Fed Ethics Reform

"The next Fed Chair must restore integrity ... Reform isn’t optional, it’s essential if the Fed is going to fully regain the trust it has lost."
Tim Scott, Chair, Senate Banking Committee
"The next Fed Chair must restore integrity ... Reform isn’t optional, it’s essential if the Fed is going to fully regain the trust it has lost."
Tim Scott, Chair, Senate Banking Committee

In response to a recent report by the Office of Government Ethics finding violations of Federal Reserve trading rules, Senate Banking Committee Chair Tim Scott called for "essential" reform to "restore integrity, strengthen transparency, and end the pattern of insiders playing by their own rules."    

On November 11, 2025, the Office of Government Ethics declined to certify former Federal Reserve Board Governor Adriana D. Kugler’s disclosure report. The report indicated that certain securities transactions in 2024 occurred during FOMC blackout periods, when Federal Reserve officials are prohibited from trading. An endnote stated that some of the activity was carried out by Ms. Kugler’s spouse without her knowledge. The Federal Reserve Board's Ethics Office has referred the matter to the Office of Inspector General, which opened an investigation.

Ms. Kugler resigned from the Federal Reserve Board effective August 8, 2025, after serving as a Governor since September 2023. (See related coverage.)

 

Primary Sources

  1. U.S. Office of Government Ethics: Annual/Termination Report

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Regulated Activities
Employee Matters Insider Trading
Sub-Activity
Regulatory Personnel Changes
Regulated Entities
Regulatory Agencies
Body of Law
Banking Law
Jurisdiction
US - Federal
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Other Author Organizations US Congress