Fed officials are subject to the same ethics rules as members of Congress and other top government officials. Powell has opened a broad review of Fed ethics rules and at a press conference last week promised change. Asked if he had confidence in Kaplan and Rosengren he replied with a curt "no one is happy." Kaplan said he resigned because his activity "risks becoming a distraction" to the Fed. Senator Elizabeth Warren, a Democrat on the committee who has frequently criticized Powell's financial oversight, also has called for tougher Fed ethics rules.

Source: The Star September 27, 2021 22:52 UTC