Trading by Fed officials sparks uproar, fuels calls for accountability

None of these deals took place between the end of March and May 1, a Fed official said, which would have limited Mr. Kaplan’s ability to ...


None of these deals took place between the end of March and May 1, a Fed official said, which would have limited Mr. Kaplan’s ability to use information about upcoming bailout programs to carry out a profit.

But the trades have gained attention for other reasons. Mr Conti-Brown pointed out that Mr Kaplan was buying and selling shares of oil companies just as the Fed was debating what role it should play in regulating climate-related finance. And everything the Fed did in 2020 – like cutting rates to near zero and buying trillions of government-guaranteed debt – affected the stock market, pushing stock prices up.

“This is really bad for the Fed, people are going to take it over and say the Fed is self-treating,” said Sam Bell, founder of the policy-focused group, Employment America. “Here’s a guy influencing monetary policy, and he’s making money in the stock market.”

Mr. Perli noted that Mr. Kaplan’s financial activity included trading in a corporate bond exchange-traded fund, which is actually a collection of corporate debt that trades like a stock. The Fed bought shares of this type of fund last year.

Other key decision makers, including New York Fed Chairman John C. Williams, reported much less financial activity in 2020, based on information published or provided by their reserve banks. Mr Williams told reporters on a call Wednesday that he believed transparency measures around business activities were essential.

“If you are asking if these policies need to be reviewed or changed, I think that’s a larger question to which I don’t have a specific answer at the moment,” said Williams.

Washington-based board officials reported some financial activity, but it was more limited. Fed Chairman Jerome H. Powell reported 41 recorded transactions carried out by him or in the name of his family in 2019, and 26 in 2020, but these were generally index funds and other relatively broad investment strategies. Randal K. Quarles, Fed Vice President for Oversight, recorded purchases and sales Union Pacific shares from 2019 in his 2020 disclosure. Those shares were assets of Mr. Quarles’ wife and he had no involvement in the transactions, a Fed spokesperson said.

Source Link

COMMENTS

Name

Africa,879,Americas,4241,Art & Culture,15483,Arts,6660,Arts & Design,1794,Asia,3457,Automobile,494,Baseball,717,Basketball,575,Books,4068,Business,5535,Celebrity,2633,Cricket,648,Crime,158,Cryptocurrency,1829,Dance,616,Defense,836,Diplomatic Relations,2496,Economy,1253,Editorial,260,Education,1368,Elections,308,Energy & Environment,3105,Entertainment,23190,Environment,3789,Europe,4393,Faith & Religion,235,Family & Life,817,Fashion & Style,3467,Finance,20816,Food & Drink,3941,Football,1161,Games,97,Gossip,10289,Health & Fitness,4288,Health Care,948,Hockey,237,Home & Garden,920,Humour,994,Latin America,49,Lifestyle,17812,Media,527,Middle East,1626,Movies,1888,Music,2815,Opinion,3535,Other,12519,Other Sports,5255,Political News,11324,Political Protests,2324,Politics,18220,Real Estate,2070,Relationship,106,Retail,3116,Science,2805,Science & Tech,10595,Soccer,300,Space & Cosmos,380,Sports,12793,Technology,3621,Tennis,655,Theater,1815,Transportation,313,Travel,2702,TV,3846,US,1022,US Sports,1481,Video News,3531,War & Conflict,1069,Weird News,998,World,17328,
ltr
item
Newsrust - US Top News: Trading by Fed officials sparks uproar, fuels calls for accountability
Trading by Fed officials sparks uproar, fuels calls for accountability
https://static01.nyt.com/images/2021/09/10/business/10dc-fed-conflict-print1/00dc-fedconflict-facebookJumbo.jpg
Newsrust - US Top News
https://www.newsrust.com/2021/09/trading-by-fed-officials-sparks-uproar.html
https://www.newsrust.com/
https://www.newsrust.com/
https://www.newsrust.com/2021/09/trading-by-fed-officials-sparks-uproar.html
true
732247599994189300
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content