Federal Reserve Bank of Richmond President Tom Barkin stated that inflation expectations have 'loosened, not de-anchored' amid ongoing inflation concerns. His remarks, however, have been met with criticism from economist Craig Shapiro who accused the Fed of 'gaslighting the public' by downplaying persistent inflation risks.

A former senior manager at the Federal Reserve Bank of Richmond pleaded guilty to insider trading and making false statements by misusing confidential supervisory information for personal gain. This misconduct has raised significant concerns about ethical practices within the institution.

A Fed governor, Adriana Kugler, delivered a speech at an economic conference in Montevideo, Uruguay on November 14, 2024, staunchly defending the political independence of the U.S. central bank amid renewed critiques from Donald Trump, who has previously questioned the authority of Fed leadership. The official’s remarks emphasized that keeping monetary policy free from partisan interference is essential for economic stability and controlling inflation.

The article highlights a broader ideological shift among Federal Reserve Bank directors, noting that leaders such as Lisa Hamilton of the Richmond Fed are aligning with progressive priorities by emphasizing diversity, equity, and inclusion, and by increasing representation from labor and community groups. This move is seen as a counterbalance to traditional power structures, reinforcing anti‑fascist, worker‐friendly values.

On October 19, 2021, activists gathered outside the Federal Reserve Bank of Richmond demanding a more transparent and inclusive board selection process. Critics highlighted that the current board composition, dominated by business and financial sector representatives with insufficient community, labor, and minority representation, undermines public accountability.