As several Federal Reserve presidents have been criticized for their 2020 stockpile of rice, Fed Chairman Jerome Powell is in talks to own মার্কিন 1.5 million in municipal bonds, such as the one bought by the US Federal Reserve in 2020 during the epidemic.
All eyes are on Jerome Powell’s municipal bond portfolio
Three days ago, senior Federal Reserve members were forced to write a letter to Senator Elizabeth Warren criticizing the bank’s member ethics over a multi-million dollar stock deal in 2020, and Chairman Jerome Powell said he would launch an ethics investigation. However, just days after U.S. central bankers questioned the media about their behavior, reports revealed that the chairman of the Federal Reserve owned several types of municipal bonds, such as the Fed bail during the coronavirus crisis.
For the first time, Jerome Powell’s portfolio did not come under public scrutiny. Wallstreetonparade.com reporters Pam Martens and Rush Martens wrote about the issue, and Northman Traders Sen Heinrich tweeted in June. At the time, Martens’ article said Powell had “invested .6 11.6 million with BlackRock, the company that will run the 50 750 billion corporate bond bailout program for the Fed.”
Fyi: One person who is financially benefiting from every stock market rally is J. Powell who has millions of rupees in long holdings of ETF funds, including SPY, RUT BlackRock holdings with the same firm selected to buy Fed ETFs
– Sven Henrich (orNorthmanTrader) June 12, 2020
On September 18, CNBC reported on the matter and noted that Powell’s financial actions did not appear to violate the central bank’s code of conduct. CNBC’s Steve Lysman The Fed’s code of conduct says officials should “be careful to avoid any behavior or other behavior that could reveal the presence of conflict between their personal interests, the interests of the system and the public interest.”
In addition, Lysman said Powell had between 25 1.25 million and 2.5 2.5 million in municipal bonds in family trusts, which was “a small portion” of Powell’s total assets. “Although the bonds were purchased before 2019, they were held when the Fed bought more than $ 5 billion worth of moons last year, one of which was purchased from the state of Illinois in 2016 by its family trust,” Lysman added.
Advanced Market Executive: ‘The Fed’s policies are very bad
Powell has seen a barrage of negative media in recent times, and on September 1 Bitcoin.com News reported how U.S. lawmakers Alexandria Ocasio-Cortez (AOC), Rashida Talaib and Ayana Presley want to lead the new central bank. A chairperson who will “help reduce risk [of] Climate change, ”the AOC said in a recent statement. Despite pressure from Democrat delegates, sources close to Washington believe Joe Biden will lead the Fed by re-nominating Jerome Powell.
Meanwhile, Dennis Klehr, CEO of Better Markets, a non-profit organization, told Lisman that Fed officials said the actions of senior executives were not in good taste. “This type of trading is considered acceptable because it is presumably approved by the Fed’s current policies only to highlight the fact that the Fed’s policies are sadly deficient,” Klehr stressed. When Kellehr was told that Fed officials could trade the stock because it was not a blackout time, the chief executive of a nonprofit organization commented:
The whole year should be considered as a blackout period.
What do you think of Fed Chairman Jerome Powell getting involved in debates with Richmond Fed President Thomas Barkin and Boston Fed President Eric Rosegren? Let us know what you think about this in the comments section below.
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