The U.S. Senate Committee on Banking, Housing and Urban Affairs published a statement from Chairman Tim Scott responding to reporting that former Federal Reserve Governor Adriana Kugler was under investigation when she resigned for allegedly violating the Federal Reserve’s trading rules. Scott argued that repeated ethics scandals are eroding public trust in the central bank and said the latest report shows the Federal Reserve still lacks adequate guardrails and a culture of accountability. The statement called for the next Federal Reserve Chair to restore integrity, strengthen transparency, and end what Scott described as a pattern of insiders “playing by their own rules,” framing broader Federal Reserve reform as necessary to regain lost public trust.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2025-11-15
U.S. Senate Committee on Banking, Housing and Urban Affairs chair calls for Federal Reserve reform after report on former Governor Kugler ethics investigation
The U.S. Senate Committee on Banking, Housing and Urban Affairs, through Chairman Tim Scott, criticized the Federal Reserve for ongoing ethics scandals, citing the investigation of former Governor Adriana Kugler as evidence of inadequate guardrails and accountability. Scott urged the next Federal Reserve Chair to restore integrity and transparency to regain public trust.