Duval Times

Senators Rick Scott and Elizabeth Warren have raised concerns about ethical practices within the Federal Reserve. In a letter addressed to Federal Reserve Chair Jerome Powell, they criticized the lack of accountability for officials involved in improper trading activities. This communication follows a report from the Federal Reserve Inspector General, which documented numerous improper trades by Dr. Raphael Bostic, President of the Federal Reserve Bank of Atlanta. The senators emphasized that there has been no public indication of any accountability measures taken against Dr. Bostic.

In their letter, the senators expressed their dissatisfaction with Powell's leadership regarding ethics enforcement: "There has been no public indication that you have held Dr. Bostic accountable for his illicit trades." They further criticized Powell's efforts to address what they described as a "culture of corruption" at the Fed and urged him to implement stronger ethics policies.

The senators continued their critique by stating, "You allowed this culture of corruption to flourish, and were far too slow to put rules in place to address it." They accused Powell of failing to enforce new rules adequately and suggested these shortcomings have damaged both his record as Fed Chair and the institution's integrity.

This issue is part of a broader series of ethical controversies involving Fed officials, including trades that allegedly violated established rules. According to Senators Scott and Warren, these actions undermine public trust in the Federal Reserve.

The letter also included a list of questions for Chairman Powell and reiterated calls for enhanced ethics policies aimed at restoring confidence in the institution.

Further details on Senator Scott’s stance on Federal Reserve accountability can be found in his recent op-ed titled "America can return to fiscal sanity with strong Federal Reserve leadership and Trump back in the White House."