(Reuters] – Federal Reserve Chair Jerome Powell might need to issue as many as $3,000,000 in bonds as necessary to conform to new U.S. rules. This is according to a review his financial disclosures.

Powell is the Fed’s only governor subject to the divestment of holdings under its new policy. It was released after weeks-long reviews following revelations by Fed policymakers that they had been involved in active securities trade last year, while taking aggressive steps in financial markets.

Powell stated that his total financial assets ranged from $20 million to $55 million in government ethics filings.

There were also $1.25m to $3m in municipal bonds that his family trusts had.

These securities are not allowed to be owned by Fed policymakers, according to rules issued Thursday. According to a Fed official, holders must sell.

None of the Fed Governors have reported holdings subject to mandatory divestment.

Powell answered questions about his holdings last month at a press conference. He said that munis were “thought of as a fairly safe place for Fed persons to invest since you know that the Fed wouldn’t buy municipal securities.”

After the pandemic, the Fed started buying vast swathes on the financial markets in order to prevent them from seizing up. This included corporate bonds and munis.

The time it takes for the new rules to take effect is not known.