Sen. Elizabeth WarrenOn Monday, the Securities and Exchange Commission was urged to examine whether three Federal Reserve officials violated the insider trading rules. They bought and sold assets in the Central Bank’s efforts to rescue the U.S. from financial turmoil.

Warren is a member of the congressional committee overseeing the Fed. He asked Gary Gensler, SEC Chairman, to investigate “ethically questionable transactions”, made by Fed Vice Chair. Richard ClaridaRobert Kaplan, Eric Rosengren are the regional presidents.

Clarida’s comments by the Massachusetts Democrat are her most recent and most prominent attack on Fed officials regarding 2020 trades. Clarida serves as a chief deputy for Fed Chair Jerome Powell.

Elle has repeatedly critiqued Fed officialsMillion-dollar trades were made during the year when central banks acted upon potentially rare economic insights.

“I am writing asking the SEC to investigate securities trading by top-ranking Federal Reserve officials. To determine whether any of these questionable transactions could have violated Insider Trading Rules,” she wrote in a letter

“There’s no reason to be a financial rationale or an ethical that is justifiable.” [Clarida]Warren stated that Warren was not the only government official who could be implicated in questionable market maneuverings while also having access to information non-public and authority to make extraordinary economic decisions.

Fed spokesmen noted Clarida’s trades had been made public in May, in compliance with “pre-planned rebalancing” his accounts. In February 2020, a transaction that involved between $1 million to $5 million was made from broad-based bonds funds into broad-based equity fund.

Clarida’s transactions occurred “before his involvement in the deliberations of Federal Reserve actions that respond to the outbreak of coronavirus, and not during an outage period”, a Fed spokesperson stated in an emailed message. The Board’s ethics officer approved the selection of funds.

Insider trading is not possible if the financial transactions are part a program that buys and sells securities. They must also be timed with market events.

The Fed did not comment on Clarida’s 2020 transaction submission for review, or the date that the Fed’s ethics officer approved the plan. SEC spokesperson also refused to comment.

Recent disclosure forms showed that Kaplan, the Dallas Fed President, traded millions in stocks and Rosengren, the Boston Fed President traded in real property while Rosengren and others worked together to purchase mortgage-backed securities.

Both resigned last week amid the public uproar, though Rosengren cited health issues for his early exit from the Boston Fed.

While Clarida’s specific portfolio holdings are not considered unusual, their February 2020 timing — just ahead of a major market sell-off in March 2020 in response to Covid-19 pandemic in the U.S. — has renewed concerns that the central bank’s trading rules may be outdated and whether he might have acted on nonpublic information.

Fed Chair PowellThe central bank announced that the last meeting of its policymaking committee had ended. current trading rules are insufficientIt has requested a review of and overhaul of its protocols.

“We know very well the importance of the American people’s trust in us for our ability to accomplish our mission. “That’s why I ordered the Fed to complete a review of the ethics rules surrounding permissible financial activities and holdings by Fed officials,” he stated Sept. 22.