On 3/6/2024, Louisiana Republican Senator John Kennedy raised questions about the FDIC’s involvement in the Basel III Endgame proposal. After asking Powell about his quotes during the February 60 Minutes interview in which he said “integrity is priceless,” Kennedy proceeded to outline a number of allegations involving the FDIC, including that a female employee suffered sexual harassment and additional unprofessional behavior at the agency.

The agency launched an investigation into the allegations.

Chair Sherrod Brown (D-Ohio) interrupted Kennedy to note that the Republican lawmaker was over his allotted time. Finally, Kennedy asked if the allegations were proven, should the FDIC lead the charge on Basel III Endgame proposal.

Powell responded: “I don’t know how I would make the connection to Basel III,” adding that the allegations Kennedy outlined were “deeply troubling things, obviously.”

“We have to decide Basel III on its merits and we’re not looking to the FDIC to lead this,” Powell added. “We’re looking at the Fed to do what the Fed thinks is right. That’s what we’re going to do.”

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Chair: Time expired Kennedy: but you had 6 minutes. Powell on spending, FDIC scandals, Basel III Endgame