Federal Reserve officials won’t be able to trade a slew of assets including stocks and bonds — as well as cryptocurrencies — under new rules that became formal Friday.

Continue following up regulations announced in OctoberThe Federal Open Market Committee, which is responsible for policymaking, announced that the majority of restrictions would take effect on May 1.

These rules apply to FOMC members and regional bank presidents, as well as a host of officials such staff officers, bond manager managers, and Fed employees who attend regular board meetings. They are also applicable to minor children, spouses, and partners.

The Federal Reserve anticipates that any additional staff members will be subject to these rules once further analysis and review has been completed,” the release stated.

The statement stated that the rules were designed to “support public confidence in impartiality and integrity of Committee’s work, by guarding against any appearance of conflict of interests.”

After revelations that senior bank officers had been hacked, central bank officials took action. Fed officials had been trading individual stocksStock funds and just prior to the time that the central bank took sweeping measures to boost the economy during the Covid spread.

Eric Rosengren (Boston) and Robert Kaplan (Stockton) are the regional presidents left their positionsFollowing the controversy.

Friday’s announcement extended the ban on cryptocurrencies such as bitcoin. These cryptocurrencies were not specifically mentioned. the original announcement in October.

Officials still held market positions under the new regulations will have 12 months to eliminate prohibited positions. A new Fed official will be able to exercise that right for six months.

Future officials will have to give 45 days notice prior to making permissible assets purchases. The restriction, which goes into effect on July 1, is a limitation that applies only to those who are covered under the new rules. The new rules require them to keep those positions in place for at least one year. They will also be prohibited from trading during periods of financial stress. The Fed chair will decide the definition, but there is no standard.

The ban on stocks, bonds, and crypto also applies to commodities, foreign currency, sector index funds and derivatives.

Congress was debating whether to restrict members’ ownership of individual stocks. However, it is not yet adopted.