Federal Reserve Chairman Jerome Powell sells over $1 million in municipal bonds to comply with new Fed ethics rules
A financial disclosure released Thursday showed that Powell sold the bonds in nearly two dozen separate transactions late last month. Most of the sales were between $50,000 and $100,000, with the total amount clocking in at between $1.2 million and $2.5 million.
In the fallout of the controversy last year, Federal Reserve Bank of Dallas President Robert Kaplan announced his retirement from the central bank on the same day that Federal Reserve Bank of Boston President Eric Rosengren, who was also facing public scrutiny, announced his retirement for health reasons.Federal Reserve Vice Chairman Richard Clarida announced his resignation in January as questions percolated about his trading activity.
In October of last year, the Fed’s Board of Governors released a statement outlining new rules that would “prohibit the purchase of individual securities, restrict active trading, and increase the timeliness of reporting and public disclosure by Federal Reserve policymakers and senior staff.”
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