Monday, October 18, 2021

Fed’s Powell faces heated questions over trade and regulation

Federal Reserve Chairman Jerome Powell faced heated questions Tuesday from senators criticizing the central bank’s trading guidelines and financial regulation.

Speaking to members of the Senate Banking Committee a day after two regional Fed chairmen announced their retirement following an investigation into their investment trades, Powell defended the central bank and vowed to reform policies where necessary.

“It’s a blow to the image of the central bank,” Sen. Raphael Warnock (D-Ga.) said of the trade dispute. He asked Powell what steps he was taking to protect the “fairness” of the Fed.

This followed some of the criticism shared at the start of the hearing, when Senate Banking Committee chief Sen. Sherrod Brown (D-Ohio) said he planned to introduce legislation that would allow Fed officials to own individual shares. will be prohibited.

Powell, who earlier this month ordered a review of the Fed’s ethics rules, said the central bank is also investigating trades made by regional Fed chairmen to ensure they were legal and comply with current ethics guidelines. were in compliance.

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“Even though it looks like these trades were in compliance with current regulations, it just tells you that the problem is the rules and practices and disclosure needs to be improved,” Powell said in response to a question. “We will rise to this moment and address it.”

The Fed chief, whose term expires in February, also fielded the harsh words of Sen. Elizabeth Warren (D-Mass.), who called him a “dangerous man” to lead the Fed and said he would seek his reappointment. will vote against.

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This News Originally From – The Epoch Times

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