Federal Reserve watchdog should investigate Vice Chair’s Bank of America dinner attendance

The Office of the Inspector General (OIG) for the Board of Governors of the Federal Reserve should investigate Vice Chair for Supervision Michelle Bowman’s decision to speak at an invitation-only dinner hosted by Bank of America, hours after a Federal Open Market Committee (FOMC) meeting, according to a letter submitted to the OIG by CREW. Her participation at the dinner may have violated FOMC policy and the Standards of Ethical Conduct for Executive Branch Employees. 

On June 17, 2026, after Chairman Kevin Warsh’s announcement that the FOMC had decided to maintain current interest rates, Bowman appeared to attend Bank of America’s private dinner in her official capacity. According to public reporting, she “mostly discussed regulatory policy” with guests but also expressed her agreement with an attendee that Chairman Warsh’s press conference earlier that day was “refreshing.”

 The FOMC’s policy on external communications prohibits staff from “divulging information outside the Federal Reserve System…that might allow an individual, firm, or organization to profit financially” unless the information is already “widely available to the public.” The policy additionally directs staff to avoid conflicts that could provide profitmaking entities with a “prestige advantage” over their competitors. FOMC policy further establishes a “blackout period,” which extends from before the meeting is held through a full day after the meeting has concluded. During this period, staff must “refrain from expressing their views or providing analysis to members of the public about current or prospective monetary policy issues.”

In addition to FOMC policy, federal rules governing officials’ ethical conduct also bar executive branch employees from accepting gifts, including meals, from “prohibited sources,” which in this case, would refer to any person who has activities regulated by the Federal Reserve or interests that would be affected by Bowman’s performance in her role. 

In a statement, Bowman said she had not shared her views on monetary policy at the dinner, and that she complied with all FOMC and ethics rules.

Given Bowman’s leadership roles at the Federal Reserve and membership on the FOMC, it is likely that she had confidential information about the FOMC meeting. 

Even if she shared no confidential information, Bowman’s attendance at Bank of America’s dinner within the blackout period of a FOMC meeting in which she participated could have provided a “prestige advantage” to Bank of America at the expense of its competitors. The OIG should investigate this matter, particularly whether Bowman’s remarks included any information that could have allowed the bank or its clients to “profit financially.”

Bowman’s decision to attend an exclusive event for the clients of one of America’s largest banks immediately after the FOMC announced new policy casts doubt on the transparency and integrity of the monetary policy process and undermines the public’s trust in the Federal Reserve. CREW urges the OIG to investigate Bowman’s actions and enforce the law as necessary.