The Fed announced Thursday that policymakers and senior staff would be barred from investing in individual stocks and bonds.
FILE - In this Sept. 30, 2021 file photo, Federal Reserve Chairman Jerome Powell testifies during a House Financial Services Committee hearing on Capitol Hill in Washington. Federal Reserve officials agreed at their last meeting that if the economy continued to improve, they could start reducing their monthly bond purchases as soon as next month and bring them to an end by the middle of 2022. The discussion was revealed in the minutes of the Fed’s Sept. 21-22 meeting, released Wednesday., Oct.
“These tough new rules raise the bar high in order to assure the public we serve that all of our senior officials maintain a single-minded focus on the public mission of the Federal Reserve,” Chair Jerome Powell said in a statement. The stricter new ethics rules also coincide with a forthcoming decision by President Joe Biden about whether to nominate Powell for a second four-year term as Fed chair. Powell's term expires in February, but most observers expect the White House to announce a decision this fall.
Kaplan, who led the Federal Reserve Bank of Dallas, made trades of $1 million or more in 22 different stocks last year, including Apple, Facebook, and Chevron.
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