The new rules will supplement those already in place, such as a 10-day trading blackout around Fed meetingsThe Federal Reserve will ban policymakers and other senior officials from buying individual stocks and bonds and will also restrict active trading after an ethics scandal led to the departure of two regional presidents and risked confidence in the central bank.
The disclosures have been used as ammunition by critics of Powell who oppose his renomination as Fed chair when his tenure ends in February and have prompted calls in Congress for an investigation. Senator Elizabeth Warren has asked the Securities Exchange Commission to look into whether any insider trading rules were breached.
Other rules “to help guard against even the appearance of any conflict of interest in the timing of investment decisions” include providing 45 days’ advance notice for buying and selling securities, obtaining prior approval for such transactions and holding investments for at least one year. Additionally, “no purchases or sales will be allowed during periods of heightened financial market stress”, the Fed said.
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