Federal Reserve officials quietly tightened internal restrictions on employees’ political activities after several reserve banks ran afoul of Congress over real or perceived engagement on issues within the domain of elected officials.
The code of conduct, as updated in late 2022, now explicitly prohibits the kind of activity engaged in by Minneapolis Fed President Neel Kashkari, who teamed up in 2020 with retired Minnesota Supreme Court Justice Alan Page to propose an amendment to the state constitution that said quality public school education was a “fundamental right.” The amendment failed to advance through the state legislature.
