Elizabeth Warren asks the Fed to release its March 2020 ethics warning regarding trading.

Massachusetts Democrat Senator Elizabeth Warren on Thursday asked Federal Reserve Chairman Jerome H. Powell to post an email sent by the...

Massachusetts Democrat Senator Elizabeth Warren on Thursday asked Federal Reserve Chairman Jerome H. Powell to post an email sent by the central bank’s ethics office in March 2020 suggesting officials may want to avoid unnecessary trades as they unfold a vast market rescue. .

The e-mail, whose existence was first reported by The New York Times earlier Thursday, was sent to regional bank ethics officials from the ethics office of the Fed’s Board of Governors on March 23, as the Fed announced a vast market aid program, according to one person who saw it. He suggested that people with access to sensitive Fed information might want to stop unnecessary trading for a few months.

Officials appear to have heeded the warning and halted active financial activity in late March and April, based on disclosures and statements from central bank press officers. But the fact that some officials resumed operations in and after May 2020 has helped fuel an ethical dilemma for the central bank.

Two regional Fed chairmen finally resigned after disclosures of transactions in stocks and real estate securities last year sparked criticism of the central bank’s ethical rules and practices. The questions have was also raised on index fund trades performed by Richard H. Clarida, vice president of the Fed, in February, before the email was sent, and by Mr. Powell in October, well after the Fed interventions in the market have been unveiled and implemented.

Mr. Powell has ordered a redesign of the Fed’s ethics rules and called for an investigation by an independent watchdog. Ethics scholars and the Fed have suggested that his and Mr Clarida’s transactions are less questionable than those taking place at regional branches of the central bank. Even so, the fallout has become a potentially powerful political weapon for some progressives who would prefer the White House not to re-appoint Mr. Powell when his term expires early next year.

Ms Warren had previously stated her opposition to keeping Mr Powell in his role based on his background in financial regulation, calling him at one point “dangerous manTo have at the Fed.

“The Fed did not publish this email or any other ethical advice given to Fed officials during the time it was heavily involved in financial markets in response to the Covid-19 pandemic,” Ms. Warren wrote. in the letter Thursday.

“I am writing to ask you to release this information immediately, so that Congress and the public can assess how well Fed officials may have known about the risks in their transactions, and whether they have ignored officials’ calls. of ethics to avoid this outrageous behavior., “she continued.

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Newsrust - US Top News: Elizabeth Warren asks the Fed to release its March 2020 ethics warning regarding trading.
Elizabeth Warren asks the Fed to release its March 2020 ethics warning regarding trading.
Newsrust - US Top News
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