During a hearing before the Senate Banking Committee on September 28, 2021, Senator Steve Daines of Montana asked the Chairman of the Federal Reserve, Jerome Powell, whether regional banks should be subject to the Freedom of Information Act and the Federal Records Act.
Q. Chairman Powell, earlier this month in response to the revelations about securities trading by presence of Fed regional banks, you began to review the ethics and transparency rules across the Fed because, and I quote, “The trust of the American people is essential for the Federal Reserve to effectively carry out our important mission.” The Fed Board of Governors is subject to FOIA and the Federal Records Act, but the Fed regional banks currently are not. Would you support making Fed regional banks subject to FOIA and the Federal Records Act to ensure greater public transparency and trust in the Fed?
A. Senator, that’s a good question. I’d like the chance to think about it and come back to you. I would want to reflect on that and on the reasons why they’re not subject to it, and I will do that.