The Federal Reserve announced new rules restricting officials from owning individual stocks, bonds, and other assets on Friday.
The policymaking Federal Open Market Committee announced that most of the restrictions would go into effect on May 1.
The new regulations set forth last October were extended and now ban cryptocurrencies, which were not included in the previous announcement.
This ruling comes after last year’s controversy in which several officials traded positions just ahead of the Fed’s extraordinary measures to help the economy push through the Covid crisis.
The ruling will affect FOMC members, regional bank presidents, and a sector of other officials, including staff officers, bond desk managers, and Fed employees who regularly attend board meetings. They also extend to their spouses and minor children.
“The Federal Reserve expects that additional staff will become subject to all or parts of these rules after the completion of further review and analysis,” a press release announcing the rules explained.
Discover more from Baller Alert
Subscribe to get the latest posts sent to your email.
