October 20, 2021

Fed’s Powell ‘not happy’ with fellow policymakers’ trading

Federal Reserve Chair Jerome Powell takes his seat to testify before a Senate Banking, Housing and Urban Affairs Committee hearing on “The Semiannual Monetary Policy Report to the Congress” on Capitol Hill in Washington, U.S., July 15, 2021. REUTERS/Kevin Lamarque/File Photo

Sept 22 (Reuters) – U.S. Federal Reserve Chair Jerome Powell said on Wednesday he was displeased with the active investing carried out by two Fed regional bank presidents and pledged the central bank’s ethics rules will be tightened after a thorough review.

“We need to make changes and we are going to do that,” Powell said at a televised press conference after the Fed’s latest policy meeting.

Though rules limiting the trading activities of Fed policymakers are somewhat stricter than those for government employees generally, the current framework is “now clearly seen as not adequate to the task of really…

Read full article here: www.reuters.com