Federal Reserve policymakers and senior staff will be barred from investing in individual stocks and bonds, after questionable trades led two to resign.
The Federal Reserve is imposing a broad new set of restrictions on the investments its officials can own, a response to questionable recent trades that forced two top Fed officials to resign.
The new rules will also require Fed officials to publicly disclose all financial transactions within 30 days, and will bar trading during periods of “heightened financial market stress.” The central bank said it hasn’t yet decided how to define such periods. In a statement, the Fed said it would incorporate the restrictions into its written policies “in the coming months.” Fed officials suggested that they might have to expand their legal staff to implement them.
The other official, Eric Rosengren, who was head of the Federal Reserve Bank of Boston, invested in funds that held mortgage-backed securities of the same type that the Fed was buying as part of its efforts to hold down longer-term interest rates.A Tesla mystery: Why didn’t auto-braking stop these crashes?
Under the rules announced Thursday, Fed officials — including the regional presidents — will be limited to owning diversified investments such as mutual funds.
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