Federal Reserve Chair Jerome Powell has ordered a sweeping review of the ethics rules governing financial holdings and dealings by senior officials at the U.S. central bank, a Fed spokesperson said on Thursday.
Powell ordered the review late last week, the spokesperson said in an emailed statement, following recent reports that two of the Fed system's 12 regional reserve bank presidents had been active investors during 2020, a notably volatile year for asset prices as the country battled the COVID-19 pandemic.Those revelations, originally reported by the Wall Street Journal, prompted senior U.S.
Warren, in a Tweet, called the review "long overdue" but encouraged the Fed's regional bank presidents to impose strict rules on their own. Still, their activity drew a sharp reaction given the context of a pandemic year in which tens of millions faced joblessness and the economy was on the precipice of a threatened depression.
It also triggered a record surge of asset prices following a crash early in the pandemic. Between the Fed's efforts and trillions of dollars in government spending approved by Congress, the S&P 500 Index But they are not as a rule active traders, and many join the Fed from academic backgrounds or government posts. St. Louis Fed President James Bullard's holdings are modest enough that he hand writes his ethics form. Former Fed Chair Janet Yellen's disclosure was notable largely for its stamp collection.
For Powell, promoted to Fed chair in 2018 by former President Donald Trump and subsequently a target of Trump's ire for his management of Fed interest rate policy, the revelations come at a particularly awkward time.
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