Fed's Powell Says Changes Needed in Rules for Officials' Investing

Fed’s Powell Says Changes Needed in Rules for Officials’ Investing

(CSU World Record) -On Wednesday, the chair of the US Federal Reserve, Jerome Powell, expressed dissatisfaction with two Federal Reserve regional bank presidents’ active investing and stated that the central bank’s ethics rules would be tightened.

When asked whether he has faith in Dallas Fed President Robert Kaplan and Boston Fed President Eric Rosengren to do their duties, Powell responded during a televised press conference, “in terms of confidence…no one is pleased.” Nothing one on the (Federal Open Market Committee) wants these issues discussed.”

Following the release of new documents, which show that during the epidemic years when millions of Americans lost their jobs, and the Fed was taking historic measures to aid financial markets and the economy, they traded actively in stocks and other investments, House Speaker Paul Ryan has come below fire from both sides of the political aisle for his remarks. He pledged to make changes as a result of his investigation into Fed ethics regulations.

The existing regulations regulating central bank officials’ investment activities are “now seen as clearly insufficient,” according to a study. Powell, responding to a question after the Fed’s latest policy meeting, said he was unaware of Kaplan and Rosengren’s trading activities, which have drawn fire from Fed watchers.

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