Powell ordered the review late last week, the spokesperson said in an emailed statement, following recent reports that two of the Fed system's 12 regional reserve bank presidents had been active investors during 2020, a notably volatile year for asset prices as the country battled the COVID-19 pandemic.Those revelations, originally reported by the Wall Street Journal, prompted senior U.S.
Warren, in a Tweet, called the review "long overdue" but encouraged the Fed's regional bank presidents to impose strict rules on their own. Still, their activity drew a sharp reaction given the context of a pandemic year in which tens of millions faced joblessness and the economy was on the precipice of a threatened depression.
It also triggered a record surge of asset prices following a crash early in the pandemic. Between the Fed's efforts and trillions of dollars in government spending approved by Congress, the S&P 500 Index But they are not as a rule active traders, and many join the Fed from academic backgrounds or government posts. St. Louis Fed President James Bullard's holdings are modest enough that he hand writes his ethics form. Former Fed Chair Janet Yellen's disclosure was notable largely for its stamp collection.
For Powell, promoted to Fed chair in 2018 by former President Donald Trump and subsequently a target of Trump's ire for his management of Fed interest rate policy, the revelations come at a particularly awkward time.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dollar sluggish as traders bide time before Fed meeting; kiwi jumpsThe dollar drifted near the middle of its range of the past month versus major peers on Thursday, as traders looked to next week's Federal Reserve policy meeting for indications on how soon the U.S central bank will start to taper stimulus.
Source: Reuters - 🏆 2. / 97 Read more »
Fed up with TikTok, Black creators are leaving the platformMany Black TikTok users say the platform exploits their content while suppressing their voices. Increasingly, they're moving their activity to other platforms. _B_Contreras_ and MarVasMartinez report: _B_Contreras_ MarVasMartinez Welcome back!
Source: latimes - 🏆 11. / 82 Read more »
Elizabeth Warren Calls On Fed Banks to Bar Leaders From Stock TradingThe senator sent letters to the 12 regional Fed presidents asking them to ban ownership of individual stocks among top officials at their banks. But not members of Congress, of course... SenWarren You don't have to reinvent the wheel! Just implement 'Independence rules' that employees of large audit companies have to follow. It is all already out there and it works. You just need to learn and copy. How about the “non profits” run by members of Congress? Seems to be a wealth builder for them.
Source: WSJ - 🏆 98. / 63 Read more »
Fed up with TikTok, Black creators are moving onMany Black content creators have said that TikTok handles their accounts in ways which seem unfair and racially biased. Now, many of them are planning to get off TikTok for good. _B_Contreras_ and MarVasMartinez report: _B_Contreras_ MarVasMartinez
Source: latimes - 🏆 11. / 82 Read more »
92 Cooking Projects to Keep You Busy and Extremely Well FedSteaming soup dumplings, fluffy milk bread, and more cooking adventures to get fully consumed by.
Source: bonappetit - 🏆 482. / 51 Read more »
Dollar skids as soft U.S. inflation weighs; Fed meeting looms next weekThe dollar slumped against major currencies on Wednesday after softer-than-expected U.S. inflation data released on Tuesday eased short-term expectations about tapering of asset purchases from the Federal Reserve. Gold coins bought in the 90’s are going to be more fun under Biden 🤑 How high will inflation go? 🤭 wow This is exactly why I only carry twenties.
Source: Reuters - 🏆 2. / 97 Read more »