Posted To: MND NewsWire

Another powerful group of federal officials are in the hotseat after details of their personal finances were revealed. While there are no accusations of wrong-doing (unlike the case of several senators who faced ethics reviews in 2020), the financial disclosures of several Fed presidents have prompted a bank-wide smell test. As Thomas Franck reported for CNBC, Federal Reserve Chairman Jerome Powell has directed the central bank’s staff to review its ethics rules after 2020 financial disclosures from some regional presidents revealed large investments and stock trades. Powell’s actions came to light after Senator Elizabeth Warren (D-MA) sent letters to each of the 12 regional bank presidents demanding stricter rules around stock buying . Three of the presidents had either made large stock trades…(read more)

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Source: Mortgage News Daily