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    Fed Chair Powell To Senator Portman - Letter - July 25

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    Fed Chair Powell To Senator Portman - Letter - July 25

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    Washington Examiner
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    Powell to Portman letter

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    Fed Chair Powell to Senator Portman - Letter - July 25

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    Powell to Portman letter

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    Download as pdf
    7K views2 pages

    Fed Chair Powell To Senator Portman - Letter - July 25

    Uploaded by

    Washington Examiner
    Powell to Portman letter

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    © All Rights Reserved
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    Boarp OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Wasurncton, D. C. 20551 Jerome H. PoweLL CHarR July 25, 2022 The Honorable Rob Portman Ranking Member Committee on Homeland Security and Governmental Affairs United States Senate Washington, D.C. 20510 Dear Senator: Tam writing to express our strong concerns about assertions and implications in the report of the minority staff of the Homeland Security and Governmental Affairs Committee. 1 assure you that everything we do at the Federal Reserve is in service to our public mission to ‘American houscholds, businesses, and communities. We therefore have robust policies, protections, and controls in place to safeguard all confidential and sensitive information and to censure the integrity of our workforce. Federal Reserve staff with access to sensitive economic information undergo comprehensive background investigations conducted by outside investigators, which include a review of foreign travel and personal contacts history, and are briefed annually on their specific obligations to maintain that security. Each person annually affirms his or her understanding of and compliance with those policies and safeguards. We invest heavily in technology and people to continually assess and refine our practices in order to carry out this work. Economic research is vitally important to central banks, and our economists often collaborate with other scholars here in the United States and around the world. All of that collaboration is undertaken with the aim of deepening and broadening our understanding of critical issues. For example, we post our most important economic models publicly on our website so that people can engage with us and these models. In addition, we encourage and support staff participation in multilateral organizations, and sponsor conferences together with other central banks. However, information security considerations also shape this engagement. For example, our researchers use technology and systems that are designed with security considerations as paramount, including by incorporating capacity to monitor for unauthorized transfers of data and information. ‘The Honorable Rob Portman Page Two ‘We take seriously any violations of these robust information security policies. When we learn of any alleged violation of those policies, we investigate the allegation and take all appropriate actions, which our staff know could include removal of access, or separation from service. We value our interactions with the law enforcement community and would not hesitate to refer a matter to them or otherwise seek their counsel where appropriate. We would be concemed about any supportable allegation of wrongdoing, whatever the source. In contrast, we are deeply troubled by what we believe to be the report’s unfair, unsubstantiated, and unverified insinuations about particular individual staff members. To summarize, we are confident that Federal Reserve staff understand their obligations and are committed to maintaining both the confidentiality of sensitive information and the integrity of our workforce, Becanse we understand that some actors aim to exploit any vulnerabilities, our processes, controls and technology are robust and updated regularly. We respectfully reject any suggestions to the contrary. Sincerely, dew H. Panel ce: The Honorable Gary C. Peters, Chairman, Committee on Homeland Security and Governmental Affairs

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