The Federal Reserve’s internal watchdog said in a new report that the code regulating equities trading may not cover enough officials.

The report, by the Fed’s Office of Inspector General (OIG), was published on April 26. It observes that the new code “does not include all individuals with access to Class I FOMC [Federal Open Market Committee] information” used for policy-making.

The FOMC adopted the new regulations in February 2022 after a series of trading-related scandals that triggered the