Fed bank chiefs pledge to comply with ethics code

The U.S. Federal Reserve’s regional bank presidents responded to criticism of their ethics rules by Democratic Senator Elizabeth Warren with a joint letter welcoming a review of the matter by the Fed’s Board of Governors and pledging to make any changes that result from that process.

“Recently, Federal Reserve Chair Jerome Powell has directed Board of Governors staff to conduct a comprehensive review of the ethics rules regarding permissible financial holdings and activities by senior Federal Reserve officials,” the presidents said, according to a copy of the letter viewed by Reuters.

“We welcome this important review and will apply any resulting changes to each Federal Reserve Banks’ Code of Conduct”, the letter added.