WASHINGTON -- Federal Reserve banks have adopted a new code of conduct that prohibits employees from receiving free meals or other gifts from banks and securities firms that do business with the Fed, House Banking Committee Chairman Henry B. Gonzalez, D-Tex., said yesterday.

The revised code of conduct was adopted May 19 by the Federal Reserve Bank of New York and applies to all 12 Reserve banks, Fed Bank of New York President William McDonough told Gonzalez in a letter.

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