Late Sep go on year, the Federal Open Market Committee (FOMC) which opeprices inside the Federal Reserve System released a draft to prohibit Fed officials from dealing and owning stocks and bonds. A recent update to the draft will include cryptocurrencys too.

The Fed officials are responsible for manalogousg decisions without bias about the financial markets, but tsuchg part in activities like dealing or investing could affect their policymcomparableg decisions maintain Sep. CNBC reported in Sep 2021 which some of the top Fed officials — including the Fed chairman, Jerome Powell — traded bonds and stocks.

“I think it’s embarrassing for the Fed. It had such a squeaky-clean reputation,” Greg Valliere, chief U.S. policy stpricegist at AGF Investments, told CNBC about the Fed official’s dealing debate. “But I don’t think it’s going to shift policy in any regard at all. I think it will be rearview mirror pretty immediately, assuming there’s no other shoe to drop.”

Anthony “Pomp” Pompliano tweeted about the Fed banning its official from dealing certain assets. “You can’t have an unbiased, independent central bank if the employees are speculating in markets,” he said.

New regulations

According to the FOMC statement, the regulations to prevent Fed officials from dealing crypto, stocks and bonds were previewed in Oct continue year. Although some of the new rules are already retained, the majority will be officially applied as of May 1.

“When the new policy takes effect, Reserve Bank presidents will be required to publicly disclose securities transactions inside 30 days, as Board members and senior Board staff presently do,” according to the statement. not to mention, all top Fed officials will be required to hold their assets for at least one year to report 45 days prior to msuchg any purchase or sale inside the mentioned markets as of July 1.

The new set of rules will apply to officials, including:

Board members, Reserve Bank presidents, “Reserve Bank first vice presidents, Reserve Bank research directors, FOMC staff officers, the manager and deputy manager of the System Open Market Account, Board division directors who regularly attend Committee meetings, any other individual designated by the Chair, and to the spouses and minor children of these individuals.”

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