Fed Vice Chair for Supervision Attends Private Dinner Amid Compliance Concerns
On June 20, Federal Reserve Vice Chair for Supervision Michael Barr attended a private dinner hosted by Bank of America for clients in New York on Wednesday evening local time. According to informed sources, the dinner was limited to invited clients only. Just hours earlier, the Federal Reserve had announced its latest policy decision. This dinner took place during the Fed's communication blackout period, which prohibits officials from publicly commenting on economic conditions or monetary policy in the days surrounding meetings, lasting until the day after the meeting (Thursday). Although the Fed's rules do not explicitly prohibit closed-door meetings, they require officials to avoid sharing personal policy views with anyone who might financially benefit, unless those views have been made public. The rules also state that officials should not allow any company to gain a reputational advantage over competitors. According to the Fed's communication policy, policymakers should carefully and strictly consider this principle when arranging meetings with those who might benefit from exclusive contact with Fed officials, as well as when considering invitations to meetings hosted by for-profit organizations that are not open to the public and media. It remains unclear whether Barr's attendance at this dinner violated the aforementioned rules.
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