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Senate banking chief plans bill to address Fed officials’ stock trades By Reuters

by Mike Robinson

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© Reuters. FILE Photo: U.S. Senator Sherrod brown (D-OH), speaks during a meet and greet as part of his “Dignity of Work” tour. Concord, New Hampshire. U.S. February 9, 2019. REUTERS/Elizabeth Frantz/File Photo

(Reuters) – The head of the U.S. Senate Banking Committee on Tuesday said he plans to introduce legislation that would ban ownership of individual stocks by Federal Reserve officials in the aftermath of revelations that two reserve bank presidents had been active investors.

Jerome Powell was informed by Democratic Senator Sherrod Brown, of Ohio that he intends to present the legislation during a Brown hearing to examine actions taken by Treasury and the Fed to protect the economy from the coronavirus pandemic.

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