Compliance of the Federal Reserve Vice Chairman for Supervision at Bank of America's private dinner during silent period was questioned

On June 20, Federal Reserve Vice Chairman for Supervision Bowman attended a private dinner hosted by Bank of America for clients in New York on Wednesday evening local time. According to people familiar with the matter, the dinner is limited to invited customers only. Hours earlier, the Federal Reserve had just announced its latest policy decision. The dinner was held during the Federal Reserve's silent period for external communication. The quiet period prohibits Fed officials from publicly commenting on the economic situation or monetary policy for the days before and after the meeting, and lasts until the day after the meeting ends (Thursday). Although Fed rules do not explicitly prohibit closed-door meetings, the rules require officials to avoid sharing personal policy views with anyone who may benefit financially unless those views are made public. The rules also state that officials should not allow any company to gain a reputation advantage over competitors. Under the Fed's communication policy, policymakers should carefully and strictly consider this principle when arranging meetings with those who may benefit from exclusive contact with Fed officials, and when considering accepting invitations to meetings hosted by for-profit organizations or closed to the public and the media. It is unclear whether Bowman, who is in charge of banking supervision, violated the above rules by attending the dinner.