The Federal Reserve on Friday adopted a set of strict restrictions on trading by policymakers and other senior staffers in the wake of an ethics scandal that led to the resignation of three top officials and threatened to undermine the public perception of the U.S. central bank.
Federal Reserve
Under the new rules, senior Fed officials are barred from buying individual stocks or holding investments in individual bonds, agency securities, cryptocurrencies or foreign currencies. They will also be required to provide 45 days of non-retractable notice for purchases and sales of approved securities, like mutual funds, as well as obtain prior approval for such transactions and agree to hold the investments for at least one year.
Federal Reserve Board Chair Jerome Powell testifies before Senate Banking, Housing, and Urban Affairs hearing to examine the Semiannual Monetary Policy Report to Congress, Thursday, July 15, 2021, on Capitol Hill in Washington. The Fed put the new regulations in place after two top officials – Robert Kaplan, president of the Federal Reserve Bank of Dallas, and Eric Rosengren, president of the Federal Reserve Bank of Boston – resigned following revelations that they bought and sold stocks and-tied assets in early 2020 as the central bank undertook aggressive policy action to bolster the economy at the start of the COVID-19 pandemic.
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