By Nick Timiraos
Sen. Elizabeth Warren (D., Mass.), the top Democrat on the Senate Banking Committee, asked the Federal Reserve's inspector general on Wednesday to review whether Michelle Bowman, the vice chair for bank supervision, violated the central bank's rules by speaking at a private Bank of America dinner for the firm's clients last month.
In a letter to Inspector General Michael Horowitz, Warren asked the watchdog to examine whether Bowman's "attendance or comments violated any statutes, rules, regulations, policies, or procedures and whether the Fed's existing framework governing such external events should be strengthened." Sen. Jack Reed (D., R.I.) and Sen. Chris Van Hollen (D., Md.) also signed the letter.
The Wall Street Journal reported that Bowman spoke at the invitation-only dinner on the evening of June 17, hours after the Federal Open Market Committee said it was leaving interest rates unchanged. The event fell within the Fed's postmeeting blackout period, when officials refrain from public comment on the economy or monetary policy. More than 20 business leaders and investors attended the closed-door event, the Journal reported.
In a statement last month, Bowman said she didn't discuss monetary policy at the dinner and has "consistently complied with all applicable FOMC and ethics rules." Without pointing to any specific matter, Bowman said the Journal's story on the dinner had unfairly characterized the event.
A spokesman for Horowitz declined to comment. Bowman responded to a request for comment by referring to her statement last month.
Patrick Harker, who said he was barred from such events in his decade leading the Philadelphia Fed, wrote last month that the episode "deserves a serious, transparent answer from the institution."
Write to Nick Timiraos at Nick.Timiraos@wsj.com