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Fed’s Powell says changes needed in rules for officials’ investing By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO: Federal Reserve Chair Jerome Powell takes his seat to testify before a Senate Banking, Housing and Urban Affairs Committee hearing on “The Semiannual Monetary Policy Report to the Congress” on Capitol Hill in Washington, U.S., July 15, 202

(Reuters) – Federal Reserve Chair Jerome Powell said on Wednesday the existing rules covering central bank officials’ investment activities are “now seen as clearly not adequate” and changes are needed after recent news that two reserve bank officials have been active investors.

After the Fed’s last policy meeting, Powell answered a question and said that he didn’t know about the trading activities by reserve bank presidents Robert Kaplan or Eric Rosengren. That has drawn criticism from Fed watchers.

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