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Sep 17 - Fed Powell, other officials owned securities central bank bought during pandemic



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 4 weeks ago '11        #1
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Sin  topics gone triple plat - Number 1 spot x40
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Sep 17 - Fed Powell, other officials owned securities central bank bought during pandemic
 

 
KEY POINTS
-Federal Reserve Chairman Jerome Powell has ordered a review of ethics rules for the central bank after an outcry over officials owning individual securities.
-CNBC found Powell owned municipal bonds of the same type bought by the Fed during the Covid-19 pandemic in 2020.
-Two regional Fed presidents likewise owned a*sets of the same type the Fed was buying as the coronavirus threatened the U.S. economy’s health.
-The central bank’s code of conduct says officials “should be careful to avoid any dealings or other conduct that might convey even an appearance of conflict between their personal interests, the interests of the system, and the public interest.”


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Amid an outcry about Federal Reserve officials owning and trading individual securities, an in-depth look by CNBC at officials’ financial disclosures found three who last year held a*sets of the same type the Fed itself was buying, including Chairman Jerome Powell.

None of these holdings or transactions appeared to violate the Fed’s code of conduct. But they raise further questions about the Fed’s conflict of interest policies and the oversight of central bank officials.

Powell held between $1.25 million and $2.5 million of municipal bonds in family trusts over which he is said to have no control. They were just a small portion of his total reported a*sets. While the bonds were purchased before 2019, they were held while the Fed last year bought $21.3 billion in munis, including one from the state of Illinois purchased by his family trust in 2016.
Boston Fed President Eric Rosengren held between $151,000 and $800,000 worth of real estate investment trusts that owned mortgage-backed securities. He made as many as 37 separate trades in the four REITS while the Fed purchased almost $700 billion in MBS.
Richmond Fed President Thomas Barkin held $1.35 million to $3 million in individual corporate bonds purchased before 2020. They include bonds of Pepsi, Home Depot and Eli Lilly. The Fed last year opened a corporate bond-buying facility and purchased $46.5 billion of corporate bonds.
Among those questions: Should the Fed have banned officials from holding, buying and selling the same a*sets the Fed itself was buying last year when it dramatically widened the types of a*sets it would purchase in response to the pandemic?

The Fed’s own code of conduct says officials “should be careful to avoid any dealings or other conduct that might convey even an appearance of conflict between their personal interests, the interests of the system, and the public interest.”

In response to CNBC questions asked in the process of our research, a Fed spokesperson released a statement Thursday saying Powell ordered a review last week of the Fed’s ethics rules surrounding “permissible financial holdings and activities by senior Fed officials.”

A Fed spokesperson told CNBC that Powell had no say over the central bank’s individual municipal bond purchases and no say over the investments in his family’s trusts. A Fed ethics officer determined that the holdings did not violate government rules.

Barkin declined to comment.

Rosengren has announced he would sell his individual positions and stop trading while he is president. Dallas Fed President Robert Kaplan, who actively traded millions of dollars of individual stocks, also said he would no longer trade and would sell his individual positions. But he said his trade did not violate Fed ethics rules.

A spokesman for Rosengren told CNBC that he “made sure his personal saving and investment transactions complied with what was permissible under Fed ethics rules.”

But Dennis Kelleher, CEO of the nonprofit Better Markets, said if some of these Fed actions are not against the rules, the rules need to change.

“To think that such trading is acceptable because it is supposedly allowed by Fed’s current policies only highlights that the Fed’s policies are woefully deficient,” Kelleher told CNBC.

While trading by Rosengren and Kaplan was not conducted during the so-called blackout period, when Fed officials are not allowed to talk publicly about monetary policy or trade, Kelleher said during a crisis like last year, “the whole year should be considered a blackout period” because Fed officials are constantly talking and crafting policy in response to fast-moving events.

visit this link https://www.cnbc.com/2021 .. conflicts.html
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18 comments
 

 4 weeks ago '21        #2
mypostmakesense  topics gone triple plat - Number 1 spot x5
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This should be a hot topic. Not threads about rappers getting shot
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 4 weeks ago '11        #3
Sin  topics gone triple plat - Number 1 spot x40 OP
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no wonder they want to keep propping the market up buying up everything
+7   

 4 weeks ago '16        #4
kuul  topics gone triple plat - Number 1 spot x11
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All i need is $500k and im good.
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 4 weeks ago '11        #5
Sin  topics gone triple plat - Number 1 spot x40 OP
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 mypostmakesense said
This should be a hot topic. Not threads about rappers getting shot
I made the thread yesterday about the ethics investigation and it bricked
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 4 weeks ago '11        #6
Sin  topics gone triple plat - Number 1 spot x40 OP
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 kuul said
All i need is $500k and im good.
with the way the value of the dollars dropping because of inflation

$500k isn't enough think bigger
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 4 weeks ago '16        #7
kuul  topics gone triple plat - Number 1 spot x11
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 Sin said
with the way the value of the dollars dropping because of inflation

$500k isn't enough think bigger
Im not tryna be set for life with that lmao i just want $500k right now.
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 4 weeks ago '04        #8
ItAlY2BkLyN 
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sh*t's so grimey. You know damn well they all do it. All the 1% doesn't trade unless it's insider trading. Then the blatant market manipulation to support the big hedge funds. It's totally corrupt. Only thing we can do is try to play the game to get our little piece off of it too.
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 4 weeks ago '08        #9
cohs  topics gone triple plat - Number 1 spot x5
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 Sin said
no wonder they want to keep propping the market up buying up everything

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 4 weeks ago '11        #10
Sin  topics gone triple plat - Number 1 spot x40 OP
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 cohs said

I don't understand how the TV personalities on CNBC aren't allowed to own individual stocks because they can influence, but the federal reserver can directly influence sectors and buy the individual stocks
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 4 weeks ago '08        #11
cohs  topics gone triple plat - Number 1 spot x5
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 Sin said
I don't understand how the TV personalities on CNBC aren't allowed to own individual stocks because they can influence, but the federal reserver can directly influence sectors and buy the individual stocks
Imagine them creating a law that doesn’t allow wall street and their buddies to flourish.
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 4 weeks ago '12        #12
OldBusiness  topics gone triple plat - Number 1 spot x3
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 ItAlY2BkLyN said
sh*t's so grimey. You know damn well they all do it. All the 1% doesn't trade unless it's insider trading. Then the blatant market manipulation to support the big hedge funds. It's totally corrupt. Only thing we can do is try to play the game to get our little piece off of it too.
A post I made earlier:

The truth is a bunch of wealthy people get power when they're elected and they go in there just trying to find a way to funnel money to the people who invested in them on their way to the top while pointing the finger at the other side of the aisle as if that behavior is exclusive to a particular "Side".
Politicians in America overwhelmingly reach their positions of power so they can grease the palms of those who invested in them/want to use them for control before anything.

Like heres a random fact...but one of Richard Nixons first scandals once he got in office was paying off all of the people who loaned him money to start an Orange Juice Popsicle company and he used left over campaign funds + federal money to do it, and even tried giving a few of them jobs in his administration. It's rarely talked about because of Watergate blowing up

Abraham Lincolns wife literally made money for her and Abe by selling positions/jobs in his admin to members of her family too, that was one of his first scandals

Its nothing new.
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 4 weeks ago '04        #13
ItAlY2BkLyN 
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 OldBusiness said
A post I made earlier:



Politicians in America overwhelmingly reach their positions of power so they can grease the palms of those who invested in them/want to use them for control before anything.

Like heres a random fact...but one of Richard Nixons first scandals once he got in office was paying off all of the people who loaned him money to start an Orange Juice Popsicle company and he used left over campaign funds + federal money to do it, and even tried giving a few of them jobs in his administration. It's rarely talked about because of Watergate blowing up

Abraham Lincolns wife literally made money for her and Abe by selling positions/jobs in his admin to members of her family too, that was one of his first scandals

Its nothing new.


nothing but fax
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 4 weeks ago '20        #14
Bighempin  topics gone triple plat - Number 1 spot x1
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Over nite repo bond market. Covid pandemic was the perfect cover!
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 4 weeks ago '19        #15
MP2019 
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Same sh*t going on in the crypto world smh
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 4 weeks ago '11        #16
Sin  topics gone triple plat - Number 1 spot x40 OP
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 MP2019 said
Same sh*t going on in the crypto world smh

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 4 weeks ago '20        #17
Xiox  topics gone triple plat - Number 1 spot x1
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Adam Schiff owns stocks in Raytheon , Boeing & Lockheed Martin

 4 weeks ago '12        #18
OldBusiness  topics gone triple plat - Number 1 spot x3
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 Xiox said
Adam Schiff owns stocks in Raytheon , Boeing & Lockheed Martin
sh*t sign up for the website 'Open Secrets' or w/e that posts all the gifts/stocks/and money American politicians get.

I think Chuck Schumer or Pelosi got like a 20 thousand dollar Vase from one of the leaders of Saudi Arabia, and Mitch McConnell got like a 15 thousand dollar rug from the prince(Same one who helped fund terrorist, and also had that journalist sliced up with a saw a couple years back during Trumps term)
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 4 weeks ago '21        #19
Keithf87 
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