Fed governor met bankers during blackout period, prompting Senate call for probe

The Federal Reserve has a simple rule for the days surrounding its policy meetings: don’t talk to outsiders about monetary policy. It’s called the blackout period, and it exists to prevent anyone from gaining an informational edge on the most consequential interest rate decisions in the world. Two Fed governors apparently decided the rule was more of a suggestion. Fed Vice Chair for Supervision Michelle Bowman attended a private dinner hosted by Bank of America in New York on June 17, 2026, the same day the FOMC wrapped up its two-day policy meeting. More than 20 of the bank’s clients were in attendance. The dinner fell squarely within the Fed’s external communications blackout window, which doesn’t expire until 11:59 p.m. ET the day after a meeting concludes. What the blackout rules actually say The FOMC blackout period kicks in at midnight ET on the Saturday before a scheduled meeting and runs through the end of the following day. During that window, Fed officials are restricted from discussing monetary policy or macroeconomic conditions with the public or entities that could benefit commercially from early or privileged access to the Fed’s thinking. Bowman has said she complied ...